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(46) It is clear that "whoever has rights to the note also has rights to the mortgage method of enforcing the note (i.e., foreclosure)." (47) Under the amended version of UCC Article 3, there is no question that indorsement of the promissory note requires physical delivery of the note to the new owner of the mortgage.
(91) Section 404 of the Agricultural Credits Act of March 4, 1923, amended the Federal Reserve Act by adding Section 13a, which read: "That any Federal Reserve Bank may, subject to regulations and limitations to be prescribed by the Federal Reserve Board, rediscount such notes, drafts, and bills for any Federal Intermediate Credit Bank, except that no Federal Reserve Bank shall rediscount for a Federal Intermediate Credit Bank any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal Reserve System, in accordance with section 9 of this Act." The FICBs could not bring for discount at Federal Reserve Banks any bank loans secured by Treasury securities.
Accordingly, possession of the original promissory note with either a blank indorsement or special indorsement to the named plaintiff should be sufficient to establish plaintiff's standing to enforce the note.
Pullin JA held that a general indorsement was sufficiently wide to
and a Treatise on Bills of Exchange and Promissory Notes 298 (1810) ("All bills payable to a certain person, or order, or to the order of a certain person: or to a certain person, or bearer; or to the bearer generally: or where equivalent words are used: are transferable by indorsement, or delivering from hand to hand, ad infinitum', so as to vest the assignee with a right of action, on the instrument against the parties to it, in his own name.
The mortgage securing a note is merely incident and accessory to the note, partakes of its negotiability so that the indorsement and delivery of the note secured by the mortgage carries the mortgage with it without formal assignment thereof.").
Hines, then commanding the Philippine Department, wrote this "indorsement" to MAJ Lynch's report: "An excellent
Porter for the Commanding General 1st Indorsement, Headquarters AAF Central Flying Command, Randolph Field, Tex., to Commanding General AAF, Apr.
Are mortgage loans transferred by negotiation--meaning indorsement and physical delivery of the promissory note-or by sale contract, or by recordation in land records?
Ideally a transferring mortgagee will make that intent plain by executing to the transferee both an assignment of the mortgage and an assignment, indorsement, or other appropriate transfer of the obligation.
-Note Usually Names Original Lender as Payor - Questions of Proper Indorsement