The third-party buyer of three pieces of property in Utah, who purchased the property from defaulting borrowers, sued the various defendants who held interests in the property, seeking to prevent foreclosure. The company argued that the defendants had no authority to foreclose because the notes had been securitized, necessitating the approval of each investor in order to foreclose. After each of three cases was dismissed, the purchaser appealed to the 10th U.S. Circuit Court of Appeals. Read on for its reasoning.