SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
MORSERV, INC.
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(Exact name of registrant as specified in its charter)
For the fiscal year 33-76724
ended December 31, 1996 Commission File Number
Delaware 13-3784934
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(State or other (IRS Employer
jurisdiction of Identification No.)
incorporation)
343 Thornall Street, Edison, New Jersey 08837
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(Address of principal executives offices) Zip Code
(909) 205-6000
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(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by a check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes: x No:
All of the Registrant's voting stock is held by The Chase Manhattan Corporation.
None of the Registrant's voting stock is held by non-affiliates.
Registrant has not been involved in bankruptcy proceedings during the preceding
five years.
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This Annual Report is filed pursuant to Sections 13 and 15(d) of
the Securities Exchange Act of 1934, as amended, in the manner described in
"no-action" letters submitted to the Office of Chief Counsel on behalf of the
originators of comparable trusts. Accordingly, responses to certain items
have been omitted from or modified in this Annual Report.
Each Series of the Registrant's Multi-Class Mortgage Pass-Through
Certificates, (the "Certificates"), represents the entire beneficial
ownership interest in a trust fund (the "Trust Fund") consisting, among other
things, of a segregated pool of conventional one- to four-family fixed
rate first-lien mortgage loans (the "Mortgage Loans").
PART I
Item 1. Business.
Omitted.
Item 2. Properties.
Information regarding the mortgaged properties is included in the
Annual Statement of Compliance filed under Item 14 hereof. The Issuer will file
the report of its independent public accountants with respect to the servicing
of the Certificates on Form 8-K when received.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings with
respect to the Trust Fund, involving the Trust Fund, Norwest Bank, Minnesota,
National Association, (the "Trustee") and The Chase Manhattan Bank (formerly
"Chemical Bank") (the "Master Servicer") for Series 1996-1 and Citibank, N.A.
(the "Trustee") and Chase Manhattan Mortgage Corporation
(the "Master Servicer") for Series 1996-2.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of Certificateholders during the
fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
To the knowledge of the registrant, the Certificates are traded in
the over-the-counter market to a limited extent.
The records of the Trust indicate that as of December 31, 1996, there
were six holders of record of the Certificates.
Item 6. Selected Financial Data.
Omitted.
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Omitted.
Item 8. Financial Statements and Supplementary Data.
Omitted.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
None.
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PART III
Item 10. Directors and Executive Officers of the Registrant.
Omitted.
Item 11. Executive Compensation.
Omitted.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
As of December 31, 1996, there were the following beneficial owners
with more than 5% of each class of each of Series of Certificates:
Series 1996-1
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Class number of 5% holders
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A-1 1
A-2 1
A-3 1
A-4 3
A-5 3
A-6 3
A-P 1
M 1
B-1 1
B-2 1
B-3 1
B-4 1
B-5 1
Series 1996-2
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Class number of 5% holders
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IA-1 1
IA-2 1
IA-3 1
IA-4 1
IA-P 1
IIA-1 1
IIA-P 1
M 1
B-1 1
B-2 1
B-3 1
B-4 1
B-5 1
Item 13. Certain Relationships and Related Transactions.
Omitted.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports of Form 8-K.
(a) The following documents are filed as part of this Annual Report
on Form 10-K: NONE.
(b), (c), (d) Omitted.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized
Date: March 31, 1997
MORSERV, INC.
By: /s/ Luke S. Hayden
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Name: Luke S. Hayden
Title: Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Date: March 31, 1997 By: /s/ Luke S. Hayden
Name: Luke S. Hayden
Title: (Chairman)
Chief Executive Officer
Date: March 31, 1997 By: /s/ Samuel H. Cooper
Name: Samuel H. Cooper
Title: (Director)
President and Chief
Operating Officer
Date: March 31, 1997 By: /s/ Michael D. Katz
Name: Michael D. Katz
Title: Director
Date: March 31, 1997 By: Stephen Fortunato
Name: Stephen Fortunato
Title: Treasurer
(Chief Financial Officer)
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other proxy soliciting
material has been sent to Certificateholders during the period covered by this
Annual Report on Form 10-K and the registrant does not intend to furnish such
materials to Certificateholders subsequent to the filing of this report.
