More On Missing Promissory Notes In Foreclosure Actions
An article co-authored by U.S. Bankruptcy Judge Samuel Bufford (Central District of California) and Texas attorney (and former Chief U.S. Bankruptcy Judge, Western District of Texas)
The authors assert that these issues have received less than adequate focus in foreclosure proceedings. The article, which is part of a UCC presentation to be given by Mr. Ayers at the Advanced Bankruptcy Institute on April 3, 2009, is available online courtesy of his firm.
With respect to the lender's producing the promissory note in order to proceed with a foreclosure action, the authors point out that of even more importance than producing the note, the lender seeking to enforce a missing instrument:
- must be entitled to enforce the instrument,
- must prove the instrument’s terms, and
- must prove its right to enforce the instrument
pursuant to §3-309 (a)(1) & (b) of the UCC.
For the article (in MS Word format), see Where's The Note, Who's The Holder: Enforcement Of Promissory Note Secured By Real Estate. ThetaMissingDocsMtg
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