I only have my outline in context of property, so No idea about UCC
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MORTGAGEE
INTEREST TRANSFER
2 WAYS FOR MORTGAGE
COMPANY TO TRANSFER INTEREST
(1) Endorsing and delivering note to transferee
(2) <!--[if gte mso 9]>
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Executing a separate document of assignment; If note is endorsed and delivered,
transferee accepting note is eligible to become a
HOLDER IN DUE COURSE [means
new holder takes note free of any PERSONAL DEFENSES that could have been raised
against original Mee such as lack of consideration, fraud in inducement, unconscionable
conduct, waiver, estoppel, etc.) Holder can foreclosure
PERSONAL
DEFENSES that could
have been raised by property owner upon foreclosure such as lack of consideration,
fraud in inducement, unconscionability, waiver, or estoppel;
HOWEVER,
holder in due course still subject to REAL DEFENSES (Remember
“MAD FIFIx4 “) (1) Material Alteration
defense (2) Duress (3) Fraud in factum [debtor thought he was signing
credit application, not mortgage] (4) Incapacity
(5) Illegality (6) Infancy (7) Insolvency)
5 CRITERIA
FOR BEING HOLDER IN DUE COURSE
1) Note
must be negotiable, made payable to named mortgagee (ME); (2) Original note
must be indorsed, signed by named ME; (3) The original note must be delivered
to the transferee. A photocopy is unacceptable;* (4) The transferee must
take the note in good faith without notice of any illegality; AND (5) The
transferee must pay value for the note, meaning some amount that is more than nominal)
So if your bank sold out your note, you do not have to pay mortgage payments to new creditor if you demand to show original and they lost it. photocopy is not good enough.