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PEB Report - November 2011

PEB Report - November 2011

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© 2011 by The American Law Institute andthe National Conference of Commissioners on Uniform State Laws.All rights reserved.
R
EPORT OF THE
P
ERMANENT
E
DITORIAL
B
OARD
 
FOR THE
 U
NIFORM
C
OMMERCIAL
C
ODE
 A
PPLICATION OF THE
U
NIFORM
C
OMMERCIAL
C
ODE TO
S
ELECTED
I
SSUES
R
ELATING TO
M
ORTGAGE
N
OTES
 N
OVEMBER
14,
 
2011
 
P
ERMANENT
E
DITORIAL
B
OARD FOR THE
U
NIFORM
C
OMMERCIAL
C
ODE
 
Chair
John A. Sebert, Chicago, IL
 Executive Director, Uniform Law Commission
Members
 ALI Designees ULC Designees
E. Carolan Berkley, Philadelphia, PA Boris Auerbach, Indianapolis, INAmelia H. Boss, Philadelphia, PA Patricia Brumfield Fry, Edgewood, NMStephanie Heller, Brooklyn, NY Carlyle C. Ring, Jr., Washington, DCLance Liebman, New York, NY
 Director, The American Law Institute
Edwin E. Smith, Boston, MAJames J. White, Ann Arbor, MILinda J. Rusch, Spokane, WASteven O. Weise, Los Angeles, CA
Director of Research
Neil B. Cohen, Brooklyn, NY
Liaisons
Carter H. Klein, Chicago, IL
 ABA Business Law Section
Teresa W. Harmon, Chicago, IL
 ABA Advisor 
Emeritus Members
William H. Henning, Tuscaloosa, ALFred H. Miller, Minneapolis, MN
The American Law Institute Uniform Law Commission
4025 Chestnut Street 111 N. Wabash, Suite 1010Philadelphia, PA 19104 Chicago, IL 60602215-243-1600 312-450-6600www.ali.orgwww.uniformlaws.org
 
i
 
P
REFACE
 
In 1961, the American Law Institute and the Uniform Law Commission, the organizations that jointly sponsor the Uniform Commercial Code, established the Permanent Editorial Board for theUniform Commercial Code (PEB). One of the charges of the PEB is to issue commentaries “andother articulations as appropriate to reflect the correct interpretation of the [UniformCommercial] Code and issuing the same in a manner and at times best calculated to advance theuniformity and orderly development of commercial law.” Such commentaries and otherarticulations are issued directly by the PEB rather than by action of the American Law Instituteand the Uniform Law Commission.This Report of the Permanent Editorial Board is such an articulation, addressing the applicationof the Uniform Commercial Code to issues of legal, economic, and social importance arisingfrom the issuance and transfer of mortgage notes. A draft of this Report was made available tothe public for comment on March 29, 2011, and the comments that were received have beentaken into account in preparing the final Report.ii

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