Unfortunately, in today’s world we are not dealing with “traditional” mortgages where a judge can reach into the archives of justice and apply common law. It appears NTMs are securities – even before signatures, witnessed or not.
A Chapter 7 trustee sought to avoid a mortgage using “strong-arm” powers based on a defect in the acknowledgement. The mortgagee contended that the defect was cured by a subsequently recorded affidavit. The bankruptcy court found in favor of the trustee, and the mortgagee appealed.
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