Malum Prohibihum





electronic negotiable notes are not legal - See 15 USC 7003
















































        Written articles from the past reveal that by design, this electronic negotiable note eScam was by anticipation, and included into E-SIGN in 15 USC 7021.





(1) TRANSFERABLE RECORD.—The term ‘‘transferable record’’ means an electronic record that—

(A) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing;

(B) the issuer of the electronic record expressly has agreed is a transferable record; and

(C) relates to a loan secured by real property.






         The Mortgage Bankers Association anticipated electronic promissory notes to be included in a revision of the Uniform Commercial Code, which is clearly visible in 15 USC 7021. However the Uniform Commercial Code did not include electronic promissory notes and as it appears, the E-SIGN committee failed to remove (1)(A) in 15 USC 7021 because the Uniform Commercial Code is excluded from E-SIGN/UETA as cited in 15 USC 7003.


         It was clear in 2000 that there was a great concern with electronic promissory notes being lawful. The Cheque truncation mishap was recognized by the 108th Congress when it enacted the Check 21 Act in 2003, three years after E-SIGN was enacted. To this day, electronic promissory Notes are not included in the Uniform Commercial Code.


          So, why is this verbiage still within E-SIGN.UETA? Why is this verbiage still within State(s) E-SIGN/UETA equivalents?

E-SIGN was for electronic signatures and UETA was for electronic transactions.


         ESIGN clearly intended that, with respect to any transaction, a signature, contract or other record relating to such transaction may not be denied legal effect, validity or enforcement solely because it is in electronic form and that a contract relating to such transaction may not be denied legal effect, validity or enforceability solely because an electronic signature or electronic record was used in its formation.


How are eNotes legal?

(4) ELECTRONIC RECORD.—The term ‘‘electronic record’’ means a contract or other record created, generated, sent, communicated, received, or stored by electronic means.



§ 7003. Specific exceptions

     (a) Excepted requirements

 The provisions of section 7001 of this title shall not apply to a contract or other record to the extent it is governed by—


(3) the Uniform Commercial Code, as in effect in any State, other than sections 1–107 and 1–206 and Articles 2 and 2A










Account Debtor and Intangible Creditor 


08TrackingLoansElectronically.pdf How-many-eQuestions-could-you-ask.pdf
A New Piranha in the Fishbowl r1 lr0.pdf MERS ASSIGNOR-PART I.pdf
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AGNON DO-DID Explained Lr1.pdf MERS Circle.pdf
Barnyard Shuffle or How the Banks Commit Fraud ac1.pdf MERS INTANGIBLE PARTY.pdf
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buyer in due course lr1 r1.pdf MERS Shuffle Fannie Freddie.pdf
Can an Allonge be a Forgery.pdf MERS Shuffle.pdf
case law bah humbug.pdf MERS to the nth r1.pdf
comm_moody.pdf MERS to the nth.pdf
Compilation R1 Lr0.pdf Real or Imaginary r1.pdf
Complexity R2 Lr2.pdf Stephen C Porter.pdf
Contracting Around Presentment.pdf The complexity of using MERS with lien theory is complex.pdf
Fannie Freddie R1 Lr3.pdf Unidentified Indorser R1 Lr1.pdf
MERS & USFN Uniform Commercial Code Article 9 Note.pdf
Common-Practice MERS Bifurcation r1
MERS Bifurcation MERS the players
MERS Transferable Record Tracking R1 MERS_Bastian_02
MERS Electronic Tracking Agreement Whole Loan MERS Transferable Record Tracking
  REVISED- MERS magick Trick
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Electronic Tracking Agreement Whole Loan Agreement  
Electronic Tracking Agreement Gestation Lender Electronic Agent R0ss
National eNote Registry  


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