Glaski v. Bank of America, N.A.
218 Cal.App.4th 1079 (2013) — California Court of Appeal (Fifth District) (2013)
Facts of the Case
Thomas Glaski defaulted on his mortgage. The loan had been securitized into a mortgage-backed securities trust. The Assignment of Mortgage was executed AFTER the trust's closing date (the deadline by which all loans were required to be transferred into the trust). Glaski challenged the Assignment as void — arguing the trust could not accept loans after its closing date under New York trust law (which governed the Pooling and Servicing Agreement). The lender moved to dismiss, arguing Glaski lacked standing to challenge an assignment to which he was not a party.
Legal Issue
Can a borrower challenge a mortgage assignment as VOID (not merely voidable) based on non-compliance with the securitization trust's governing PSA? Does the borrower have standing to challenge a void assignment?
Court Holding
The California Court of Appeal held that a borrower CAN challenge a mortgage assignment as VOID (though not merely voidable), and an assignment made after the trust's closing date is VOID (not voidable). A void assignment is a legal nullity — it transfers nothing — and a borrower affected by a void foreclosure has standing to challenge it. Glaski created the 'Glaski Rule': post-closing-date assignments to securitization trusts are VOID, and borrowers have standing to challenge them.
Why This Case Matters
Glaski is one of the most important borrower-friendly decisions on chain-of-title and securitization. Before Glaski, lenders argued borrowers lacked standing to challenge securitization defects because the borrower was not a party to the PSA. Glaski distinguished void vs. voidable assignments — borrowers CAN challenge void assignments. This opened the door for challenging post-closing-date assignments in securitization trusts, a common defect in mortgage-backed securities. Glaski has been followed in some states and rejected in others, creating a circuit split.
Impact on Homeowners
If your loan was securitized and the Assignment of Mortgage was executed after the trust's closing date (typically 2-3 months after trust formation), you may have a Glaski challenge. Obtain the Pooling and Servicing Agreement (PSA) for the trust from the SEC's EDGAR database — the closing date is in the PSA. If the Assignment post-dates the closing date, argue it is VOID and the trust lacks standing. Note: Glaski has been rejected by many federal courts but remains good law in California state courts.
Related Resources
Defense Doctrines
Court Procedures
Related Documents
Frequently Asked Questions
Is Glaski still good law?▼
How do I get the Pooling and Servicing Agreement?▼
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