Prof. Adam Levitin –
This last week the Permanent Editorial Board of the Uniform Commercial Code came out with a report bering the none-too-thrilling title of “Report on Application of the Uniform Commercial Code to Selected Issues Related to Mortgage Notes“. There’s an awful lot to say about this awful document, and I’m not going to attempt to cover it all in a single blog post. This post is going to cover what the report is, what authority it has, and why it is completely irrelevant (namely that it deals with negotiable notes, when virtually all mortgage notes are non-negotiable). Subsequent posts will deal with the substantive flaws in the report and with the motivation behind the report and with the way the uniform law making process has become completely hijacked by monied interests.
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