California: Civil Procedure, Foreclosure & UCC
Where to find California’s rules of civil procedure, how foreclosure works in California, and where California codified the Uniform Commercial Code.
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Chain of Title
Chain of title is the sequence of recorded transfers of an interest in property, from earlier owners to the current one. In mortgage lending, people also talk about the chain of ownership of the note — a related but different question.
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Standing
Standing is a party’s legal right to bring a claim or ask a court for relief. It comes up both as a constitutional limit on federal courts and as a practical question in debt and foreclosure cases: who may enforce the obligation?
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Securities and Securitization
Securitization pools loans or receivables and sells interests in the pool to investors. Those interests are securities regulated by federal and state securities laws.
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Receivables and the Sale of Accounts (UCC Article 9)
Receivables are rights to be paid. Under UCC Article 9, many kinds of receivables are “accounts,” and Article 9 governs both loans secured by accounts and outright sales of accounts.
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Forward Flow Agreements
A forward flow agreement is a contract in which a seller agrees to sell, and a buyer agrees to buy, receivables on a recurring basis — for example, every month — on terms set in advance.
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Financing Statements (UCC-1)
A financing statement — often called a UCC-1 — is a public notice filed with a state filing office to perfect certain security interests under UCC Article 9.
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How Every State Adopted the Uniform Commercial Code
The Uniform Commercial Code is a model law written by the Uniform Law Commission and the American Law Institute. It becomes law only when a state legislature enacts it — and every state has enacted it into its own statutes.
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Assignments of Notes, Mortgages and Receivables
An assignment transfers rights from one party (the assignor) to another (the assignee). In lending, loans, mortgages and receivables are routinely assigned, sold and transferred.
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Negotiable Instruments (UCC Article 3)
A negotiable instrument is a written promise or order to pay a fixed amount of money that meets the requirements of UCC Article 3 — for example, many promissory notes and checks.