On November 14, the Permanent Editorial Board for the Uniform Commercial Code issued a report on the application of the UCC to selected issues relating to mortgage notes. The report is intended to provide guidance on: (i) identifying the person who is entitled to enforce the payment obligation of the maker of a mortgage note, and to whom the maker owes that obligation; and (ii) determining who owns the rights represented by the note and mortgage. UCC Report.
Uniform Commercial Code
UCC Draft Report on Assignment of Morgage Notes
On March 29, the Permanent Editorial Board for the Uniform Commercial Code released a draft report relating to the UCC rules that govern the transfer and endorsement of notes secured by a mortgage on real property. Comments on the draft report must be submitted by May 28. PEB Draft Report.