The transfer of notes secured by a mortgage or otherwise conveys to the transferee the benefit of the security. If more than one note is secured and the mortgagee transfers some and retains others, the holder of the transferred notes has a preference over the mortgagee if the security is insufficient to pay all the notes.
Section: 10-3-1 10-3-2 10-3-3 10-3-4 10-3-5 NextLast modified: October 14, 2016