Feb 24, 2021
The progression from LaSalle Bank to Bank of America to US Bank is highly suspect. While it is true that there was a merger between Bank of America and LaSalle Bank, It is equally true that the merger was preceded by a reverse merger between LaSalle Bank and ABN AMRO.
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And there is nothing in the public record to tell us what happened in the merger with respect to the position of being a trustee for the alleged trust. So the required starting point is a presumption that LaSalle Bank was appointed Trustee and might still be the trustee. That does NOT mean that LaSalle Bank has any legal or financial connection to your loan.
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The migration from Bank of America to US Bank is even more suspect. The assertion is that U.S. Bank is the successor to Bank of America. If that is true there is nothing in the public record to support that assertion. US Bank is certainly not the successor to Bank of America by reason of any merger or acquisition.
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That part is definitely true. So the question becomes how did the position of trustee shift from Bank of America to US Bank? I know that there was an announcement of the sale of the position by Bank of America to US Bank, but I know of no legal authority under which a trustee can sell its fiduciary position under a trust agreement to a third-party without the express consent of at least the beneficiaries and probably the original trustor.
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But if the sale was actually the sale of a licensing agreement in which Bank of America was receiving fees on a periodic basis for the use of its name as trustee for an alleged trust even though there was no trust, then such a sale would probably be valid — unless it was part of an illegal scheme to defraud the courts and the public. In this case, all those restrictions apply.
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My analysis concludes that LaSalle Bank was kept alive and is therefore still the legal trustee, assuming the trust exists at all.
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Neil F Garfield, MBA, JD, 73, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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