Angela Brock borrowed $$544,000$ form AMS and signed a note to buy a house. This note was transferred many times. Each time it was indorsed "without recourse" and indorsed in blank. AB fell behind on payments. DBNT$,$ the holder of the note, instructed BAC to initiate foreclosure on its behalf. AB argued that BAC could not foreclose since DBNT and not BAC was the holder of the note.

BAC can enforce as on the following reasons:

$$ DBNT has the authority to appoint the substitute trustees

$$ The transferee's right to enforce the instrument derives from the transferor by the terms of the note

$$ There is no restrictions in the indorsements pertaining to transfer the note

$$ The blank endorsed note is in the possession of the BAC

$$ Therefore, BAC is the holder of the note and is entitled to enforce it

OR

Angela Brock would be wrong since the loan company sold the note to another loan company it would be valid. There was a case where a note was transferred in the same way to Wells Fargo, and the note was endorsed blank and transferred without recourse and the right to payments and foreclosure where transferred.