Today June 15, 2012
Promissory Note v. Security
UCC
Recoupment / Adverse Claim
Originally Jean Keating presented these concepts to a small group, and his teachings are meaningful for our understanding of Credit Application Transactions, in the case of home loans, auto loan, credit card, student loan, etc. and thus now presented to all in detail.
There is always an elephant in the room when it comes to dealing with banks and their Attorney, mainly that Attorney want to identify the Promissory Note as our obligation, they call it a Note; and that is not really what it is, rather it is a "Security"! Securities are governed under different codes than a Note. After reading the blog, make a note of which UCC Article that Securities apply to, and have it handy to refer to in court.
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