Asked by Lourdes Orellana on May 07, 2024
Verified
The UCC applies to real estate mortgages and trust deeds since they are security interests.
UCC
The Uniform Commercial Code encompasses a wide-ranging assortment of laws that control the entirety of commercial transactions within the United States.
Real Estate Mortgages
Real Estate Mortgages are legal agreements in which a borrower pledges real property to a lender as security for a loan, with the condition that the conveyance of title becomes void upon payment.
Trust Deeds
Legal documents that signify an agreement where property is held by a trustee as security for a loan until the borrower pays back the loan in full.
- Develop an insight into the essential elements of mortgage law, particularly regarding the roles and rights of mortgagors and mortgagees.
Verified Answer
AP
Argenis PerezMay 10, 2024
Final Answer :
False
Explanation :
The UCC generally governs transactions involving personal property, not real estate. Real estate mortgages and trust deeds are typically subject to state-specific laws and regulations.
Learning Objectives
- Develop an insight into the essential elements of mortgage law, particularly regarding the roles and rights of mortgagors and mortgagees.