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The deed of trust requires the trustee to reconvey the property back to the debtor when the debt has been paid in full.Assignment of the creditor’s interest does not result in a change of trustee; instead, only the note or other evidence of debt is transferred and the new owner of the loan acquires the prior lender’s beneficial interest in the trust.Absent perfection of the security interest, the secured party may not be able to enforce its rights in the UCC collateral against third parties.
In the event of default, the creditor can terminate the license and step into the shoes of the debtor, as the landlord under the leases.
The creditor would then proceed to collect rent and otherwise enforce the landlord’s rights under the leases, usually without a long court battle.
The Uniform Commercial Code ("UCC") is one of a number of uniform acts that have been drafted to harmonize the law of sales and other consumer and commercial transactions throughout the United States.
Although the Supreme Court has held that cognovit notes are not necessarily illegal, most states have outlawed or restricted their use in consumer transactions and many states will not enforce them in commercial transactions.
A mortgage is a document that encumbers real property as security for the payment of a debt or other obligation.