In the case of Investors Bank v. Torres, Torres signed a promissory note, which was secured by a mortgage, with CitiMortgage. Torres defaulted but then CitiMortgage discovered that it had lost the original note but had retained a digital copy. CitiMortgage assigned the mortgage and its interest in the note to Investors Bank. When Investors served Torres with an Intention to Foreclose, he challenged Investors’ right to enforce the note, asserting that the note could not be enforced based on the loss of the original. The NJ Supreme Court relied on two NJ statutes addressing assignments and ruled in favor of Investors.
