General (not jurisdiction-specific)

Foreclosure carried out outside court under a power-of-sale clause and the procedures in a state statute.

A paper affixed to a negotiable instrument, treated as part of the instrument for indorsements.

A clause in a mortgage or deed of trust allowing the property to be sold after default without a court proceeding, following state statutory procedures.

Pooling loans or receivables — such as mortgages, auto loans or credit-card balances — and selling interests in the pool to investors, who are paid from the borrowers’ payments. The pool is usually held by a trust under a pooling and servicing agreement, and a servicer collects payments. Courts have consistently held that securitizing a loan does not by itself make the note unenforceable or cancel the borrower’s obligation to repay it.

A judgment for the amount still owed after a foreclosure sale brings less than the debt, where state law allows one.

A contract that governs a securitization trust: how loans are transferred into the trust, and the duties of the depositor, the trustee and the servicer. For publicly offered securitizations, these agreements are often filed with the Securities and Exchange Commission. Whether a borrower may challenge an assignment based on noncompliance with the agreement depends on state law and the facts; many courts have held that borrowers generally lack standing to enforce such agreements.

A model law covering commercial transactions such as sales and secured transactions. It has force only as each state enacts it.

A signed written promise or order to pay a fixed amount of money that meets the requirements of UCC Article 3, such as a note or check.

An interest in personal property that secures payment or performance of an obligation, governed by UCC Article 9.

A filing (often called a UCC-1) that gives public notice of a security interest under UCC Article 9.