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December 22, 2011
Uniform Commercial Code Issues in Mortgage Foreclosures
The Permanent Editorial Board for the Uniform Commercial Code (UCC) has issued a report discussing the applicability of UCC Article 3 (Negotiable Instruments) and Article 9 (Secured Transactions) to certain issues in judicial and non-judicial foreclosures, including:
- Who is the person entitled to enforce a mortgage note?
- How is the transfer of a property interest (ownership or a security interest to secure an obligation) in a mortgage note accomplished?
- What effect does the transfer of a mortgage note have on the related mortgage?
- How can a person enforce a mortgage note by foreclosing non-judicially if the person does not have a recordable assignment of the mortgage?
Link to article: "Setting the UCC Record Straight on Mortgage Foreclosures" by Steven Weise: http://apps.americanbar.org/buslaw/blt/content/2011/12/keepingcurrent.shtml
(ag) Dec. 22, 2011, in Banking, Lending Issues, Real Estate, Foreclosures
December 22, 2011 in Banking, Lending Issues, Real Estate Powers | Permalink
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