This affidavit is for execution when an original promissory note has been lost. The form provides a description of the contents contained in the original note and the balance due on the note at the time the note was lost. The form must also be signed in the presence of a notary public.
Lost Note Affidavit Form Foreclosure In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00408
Format:
Word;
Rich Text
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If a lender produces a lost note affidavit in lieu of an original note or copy thereof then borrowers may attack the lost note affidavit's validity instead. A plaintiff must allege that it is in possession of the underlying Note in order to establish that it has standing to prosecute the action.Do-It-Yourself (DIY) Form Programs are free and easy guided step-by-step programs to help you fill your court forms. Check "General Denial". O If the note is lost or destroyed, it is possible for a plaintiff to prosecute a foreclosure action, but only upon meeting the requirements of UCC § 3-804,. UCC § 3-804, requiring owner of lost note to prove ownership and provide security in order to maintain action and recover from party liable under note. Creating a lost note affidavit is an essential process for protecting the legal rights of all involved in a promissory note transaction. This note is intended to help counsel for the lender ensure that all pre-suit obligations are met to avoid any delays or defenses to the foreclosure. Accordingly, the lost note affidavit fails to establish ownership, the facts which prevent the production of the instrument and its terms.