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UCC 3-203: The Catch-22 Paradox

The document discusses the endorsement and negotiation of a promissory note related to a mortgage. It indicates that the note was endorsed to an unidentified payee and principle, which prevents negotiation under UCC 3-203(d) since full value was not provided. Additionally, the document suggests that MERS was involved as an agent but was not actually an agent of the unidentified endorser or subsequent unidentified payee.

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A. Campbell
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186 views1 page

UCC 3-203: The Catch-22 Paradox

The document discusses the endorsement and negotiation of a promissory note related to a mortgage. It indicates that the note was endorsed to an unidentified payee and principle, which prevents negotiation under UCC 3-203(d) since full value was not provided. Additionally, the document suggests that MERS was involved as an agent but was not actually an agent of the unidentified endorser or subsequent unidentified payee.

Uploaded by

A. Campbell
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

PROMISORRY NOTE XYZ Endorsement PAY TO ORDER ___________ Pay to Order UCC 3-115 Unidentified Payee Unidentified Principle

UCC 3-203(d)/States Adopted


MERS SECURITY INSTRUMENT AGENT XYZ MERS SECURITY INSTRUMENT NON-Agent of Unidentified Endorser Subsequent Unidentified Payee

INTANGIBLE VALUE SOLD

INTANGIBLE PAYMENT STREAM UCC

XYZ by Agent MERS Party of County Public Records

UCC 3-203(D) NEGOTIATION NOT VIABLE LESS THAN FULL VALUE

PROMISORRY NOTE XYZ Endorsement PAY TO ORDER UNIDENTIFIED Pay to Order UCC 3-115 Unidentified Payee Unidentified Principle

UCC 3-203(D) Lacks VALUE RIGHTS NO VALUE RIGHTS

PROMISORRY NOTE XYZ Endorsement Paradox/Catch 22 Neither method allows negotiation PAY TO ORDER TRUSTEE OF TRUST

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