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  • Lights On or Off - Perfected or Non-Perfected

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    A. Campbell
    78 views3 pages
    For our 5th grade children and grandchildren.

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    For our 5th grade children and grandchildren.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    78 views3 pages

    Lights On or Off - Perfected or Non-Perfected

    Uploaded by

    A. Campbell
    For our 5th grade children and grandchildren.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    Negotiation

    Continuous Perfection
    Assuming Paper Tangible Negotiation
    Originator
    Promissory Note Attachment/Temporary Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    Originator
    Promissory Note Recordation Permanent Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    Negotiation - Originator to Securitizer


    Promissory Note Subsequent Purchaser Temporary Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    Securitizer
    Promissory Note Recordation Transfer of Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    Negotiation – Securitizer to Depositor


    Promissory Note Subsequent Purchaser Temporary Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    Depositor
    Promissory Note Recordation Transfer of Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    Negotiation – Depositor to Trustee


    Promissory Note Subsequent Purchaser Temporary Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    Trustee
    Promissory Note Recordation Transfer of Perfection
    Security Instrument

    Holder in due Course Perfected Lien

    © Copyrighted 2011 j.mcguire@swbell.net P O Box 1352, Bedford, Texas 76095‐1352


    Unidentified Indorsee/Holder
    Assuming Paper Tangible

    Originator
    Promissory Note Attachment/Temporary Perfection
    Security Instrument

    Holder in due Course Perfected Lien


    Secured Debt

    Originator
    Promissory Note Recordation Permanent Perfection
    Security Instrument

    Holder in due Course Perfected Lien


    Secured Debt

    Negotiation in Blank - Originator to Securitizer


    Subsequent Purchaser Not Identified
    Promissory Note Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Securitizer
    Promissory Note Failure to Transfer Perfection Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Negotiation – Securitizer to Depositor
    Subsequent Purchaser Not Identified
    Promissory Note Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Depositor
    Promissory Note Failure to Transfer Perfection Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Negotiation – Depositor to Trustee
    Subsequent Purchaser Not Identified
    Promissory Note
    Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Trustee
    Promissory Note Failure to Transfer Perfection Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien

    © Copyrighted 2011 j.mcguire@swbell.net P O Box 1352, Bedford, Texas 76095‐1352


    MERS/Agent
    Unidentified Indorsee/Holder
    Assuming Paper Tangible
    MERS/Agent Originator
    Originator
    Promissory Note Attachment/Temporary Perfection
    Security Instrument

    Holder in due Course Perfected Lien


    Secured Debt

    MERS/Agent Originator
    Originator
    Promissory Note Recordation Permanent Perfection
    Security Instrument

    Holder in due Course Perfected Lien


    Secured Debt

    Negotiation in Blank - Originator to Securitizer MERS/Agent


    Promissory Note Subsequent Purchaser Not Identified Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Securitizer MERS/Agent
    Promissory Note Failure to Transfer Perfection Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien

    Negotiation in Blank – Securitizer to Depositor MERS/Agent


    Promissory Note Subsequent Purchaser Not Identified Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Depositor MERS/Agent
    Promissory Note Failure to Transfer Perfection Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien

    Negotiation in Blank – Depositor to Trustee MERS/Agent


    Promissory Note Subsequent Purchaser Not Identified Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien
    Trustee MERS/Agent
    Promissory Note Failure to Transfer Perfection Unidentified
    Indorsee/Holder
    Possessor
    Unsecured Debt Security Instrument

    Unperfected Lien

    © Copyrighted 2011 j.mcguire@swbell.net P O Box 1352, Bedford, Texas 76095‐1352

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