An encumbrance [lien, Deed of Trust, Mortgage affecting real property] is under
governance of local laws of jurisdiction [states real property laws], many of the banks have bowed to belief that UCC 9 which governs security interests applies to real property of the state. As summarized, A tangible encumbrance is governed by local laws of a states real property law whereas the intangible security interest under governance of UCC 9 is secured by the personal property of the paper tangible whereas the tangible legal rights were not and could not have been negotiated/assigned/transferred/conveyed at a states level in a timely manner as prescribed in UCC 3-203(d) unless one wants to risk that a instrument in all other areas of instrument law can be sold for less than full value. In addition, claiming an endorsement without naming a payee as intentioned to transfer rights to a subsequent party, i.e. "Pay to Order of ______" is an incomplete special endorsement, Reference UCC 3-115 as does not constitute the creation of a bearer instrument [case law at many federal and state level will support], additionally where the subsequent Payee is unidentified, then no party can be an agent of an unidentified principle. Maybe many with oversight and government sees not the errors, but millions around the planet see and also see a cover up to allow Monetary Policy to override Civil Policy, consider USC 1983, violation of civil rights.