225ec8c8_operty_3_Flashcards___Cram_com__rding_system__Brightline_rules
Unless and until foreclosure, debtor-mortgagor has title and right to possession. Creditor-mortgagee has a lien. All parties to a mortgage can transfer their interest •Mortgage automatically follows a properly transferred note. •Creditor-mortgagee can transfer his interest by: (1) endorsing the note and delivering to transferee, and (2) executing a separate document of assignment. oIf note endorsed and delivered the transferee is eligible to become a holder in due course. This means he takes the note free of any personal defenses that could be raised against original creditor. (lack of consideration, fraud in inducement, unconscionability, waiver, estoppel). Holder may foreclose the mortgage despite presence of any personal defense. The holder in due course is still subject to real defenses that the maker might raise. (Mad fifi4th)
Mortgage Once created- what are the parties rights?
Real Property 3 Flashcards - Cram.com