Negotiating the American Dream: A Critical Look at the Role of Negotiability in the Foreclosure Crisis
2012-11-29 — floridabar.org
``This article explores the historical underpinnings of negotiability and whether the evidentiary shortcut that negotiability appears to offer as a means of proving a plaintiff's standing to sue can or should be applied in the context of the foreclosure cases facing the courts today. Examination of the original purposes of negotiability, as well as recent changes to the Uniform Commercial Code, leads to the conclusion that mere possession of a negotiable instrument (the promissory note) is insufficient to enforce a mortgage. The possessor or "holder" must prove ownership of the instrument -- a complete chain of title from the original creditor -- to invoke the equitable remedy of foreclosure.''
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