The unfolding mortgage crisis has brought to the forefront the critical role played by commercial law rules in the Uniform Commercial Code on the creation and transfer of obligations secured by real property. Article 3 of the Uniform Commercial Code governs rights under negotiable mortgage notes, and Article 9 governs the sale of payment obligations (whether or not evidenced by negotiable notes) that are secured by real property. The impact of those commercial law rules on the enforcement of obligations secured by mortgages (few of which are still owned by the original lending institutions) has been largely ignored by some courts and commentators and hotly debated by others. This program will address both the current state of the law and the need for law reform.
Business Meeting at Program Conclusion.