A Santa Clara California Assignment of Promissory Note & Liens is a legal document used to transfer the rights and interests in a promissory note and any associated liens from one party to another. This assignment serves as evidence that the original creditor has transferred their rights to another party, known as the assignee. In Santa Clara, California, there are several types of Assignment of Promissory Note & Liens that can be encountered depending on the specific circumstances. These may include: 1. Mortgage Assignment: This refers to the transfer of a promissory note and any mortgage liens that secure the note from the original lender (assignor) to a new lender (assignee). The assignee becomes the new holder of the lien and has the right to collect payment on the mortgage. 2. Deed of Trust Assignment: In certain situations, a promissory note may be secured by a deed of trust rather than a mortgage. A Deed of Trust Assignment involves the transfer of the promissory note and any liens associated with the deed of trust from the original lender (assignor) to a new lender (assignee). 3. Assignment of Security Interest: This type of assignment is used when a promissory note is secured by personal property rather than real estate. It involves the transfer of the promissory note and any security interests or liens associated with the property from the original creditor (assignor) to a new creditor (assignee). 4. Assignment of UCC Financing Statement: When a promissory note is secured by personal property and the security interest is perfected by filing a Uniform Commercial Code (UCC) financing statement, an Assignment of UCC Financing Statement may be used to transfer the note and any related liens from one party to another. In summary, a Santa Clara California Assignment of Promissory Note & Liens refers to the legal process of transferring the rights and interests in a promissory note and any associated liens from one party to another. The specific type of assignment depends on the nature of the security interest, whether it is a mortgage, deed of trust, or an assignment of security interest or UCC financing statement.
Santa Clara California Assignment of Promissory Note & Liens
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