Copyright 2010 by j.
mcguire P.
O.
Box 1352 Bedford, TX 76095-1352 j.
mcguire@swbell.
net Page 1 of 1
Case Closed: eNotes are Not Legal
Incorrect Analysis of eNote Enforceability Nationwide
Mortgage Industry Standards Maintenance Organization (MISMO,...
More
Copyright 2010 by j.
mcguire P.
O.
Box 1352 Bedford, TX 76095-1352 j.
mcguire@swbell.
net Page 1 of 1
Case Closed: eNotes are Not Legal
Incorrect Analysis of eNote Enforceability Nationwide
Mortgage Industry Standards Maintenance Organization (MISMO, a registered service mark
of the Mortgage Bankers Association), Electronic Signature Records Association, and the
American Land Title Association released a White Paper1 titled “Case Closed: eNotes Are
Legal”.
The White Paper’s “Disclaimer” notes that “the authors and their organizations accept no
responsibility for errors and omissions”.
The Error: eNotes are Not Legal
The Omission: 15 USC 7003
“UETA and ESIGN’s approach is noteworthy in that neither statute attempts to insert the
concept of a transferable record into the UCC.
Instead, UETA and ESIGN exclude from their
scope most of the UCC…” page (3).
The Conclusion of the White Paper incorrectly states: “UCC Article 3 provisions for
prom
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