The Illusion

Dud? Joined: 13 Jul 2010 Posts: 2 Location: Texas

Banking has done a great job of keeping this issue under raps.
Most bank empoyees don't know it.
Most lawyers don't know it.
Since 2000, we have had an invasion on U.S. Soil.
It was called the eSign Act, and UETA.
For ten years now, Americans have been under the guise of a perfectly good mortgage system. Or that was the thought.
What everyone did not realize, was the fact that Electroic Promissory Notes were illegal. Yes, illegal.
They have no supporting law. Fact.
Check 15 USC 7003, eSign. It excludes negotiable instruments.
15 USC 7001 was the illusion. Most thought that "Transferrable Records", took care of the negotiable instrument. But it does not. They are excluded from eSign. Article 3, does not provide support for electronic negotiable instruments.
Revised Article 9, provides that security interest in a negotiable promissory note may be perfected by filing. Article 9 deals with paper, not electronic.
For 10 years now, mortgages have been forgiven, but the banks forgot to tell the homeowner.
This is a very interesting topic.