Question: A promissory note has the following language: This note is secured by Lots 1 1 7 , 1 1 8 , and 1 1 9
A promissory note has the following language: "This note is secured by Lots and in Arboleda Estates."
The note was recorded to protect the lender with a mortgage on the lots. The borrower defaulted on the note. Can the lender foreclose based on the recorded note?
No because the description is inadequate
Yes, because the note was recorded and the lender is a secured creditor
Only if the lender signed the note
No because you cannot record a note
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