PERMANENT EDITORIAL BOARD FOR THE UNIFORM COMMERCIAL CODE
The draft version was cited in the VEAL case, but this seems to be the latest report, dated November 14, 2011.
Not so fast, servicers, on claiming lost notes! This report says the party suing must prove it was in possession of the note (the UCC says "in possession of the INSTRUMENT"--not a mere copy of it) when it was lost.
I am not a lawyer, and I am not pretending to be, but wanted to pass this along as an information source only. Understanding the securitization process is not easy for a layperson; the UCC is confusing. (For instance, denominating the seller of the note as the "debtor.") I wonder whether it was designed to confuse, in case the borrowers ever started READING the UCC.
If you decide to read...get ready for brain freeze!