Foreclosing Parties Get Ready For Moratoriums To Lift: Importance Of UCC Principle “Mortgage Follows The Note”

LexisNexis (May 25, 2021, 2:32 PM EDT) -- The following story explains in greater depth how possession of the promissory note is the key to establishing standing in judicial proceedings where execution on the note and foreclosure on the underlying mortgage are the subjects of the lawsuit. The story reviews the role of the long-standing principle that the “mortgage follows the note,” codified in UCC § 9- 203(g), central to a 2020 decision by a New Mexico state court....