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View Diary: Bombshell MERS Ruling:Process Illegal (144 comments)

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  •  It's valid, but the answer isn't clear. (0+ / 0-)

    Compliance w/ the trust document doesn't determine the REMIC status.  That's trust law, REMIC is tax law.  Two totally different things.

    The argument that the trust doesn't exist is near crazy.  If the trusts exchanged consideration for assignment, there's a res and a trust at that point.  Even if it didn't at that point, then a trust exists whenever the trust bank account is opened and any funds are put in it.  

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