Government
Sep. 14, 2012
Article 3 inapplicable to California real property mortgages
As a matter of law, a California mortgage note cannot be a "negotiable instrument" under Article 3 of the California Commercial Code. By Mark Didak
Litigants in mortgage cases, especially banks and servicers, frequently rely on Article 3 of the California Commercial Code to bolster their clients' claims that they are entitled to enforce mortgage notes and accompanying deeds of trust. However, as a matter of law, a California mortgage note cannot be a "negotiable instrument" under Article 3 of the California Commercial Code.
To qualify as a negotiable instrument under Art...
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