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|User Info||Goodnight Banks: Arizona; entered at 2011-02-15 12:26:56|
But it's not overthrowing the UCC Gamma. That's the problem with the objection.|
The UCC actually requires that in order to enforce a security interest you document how you acquired it, and to get "Holder in Due Course" status (which is REQUIRED to be immune from any potential claims based on evil acts of those in front of you) you must document not only that you got the note, but that you did so in arms-length transaction and at the time you did so you neither knew or had reason to know it was defective.
That's IN the UCC. The State Courts have been IGNORING these requirements. All this law does is reduce all the wordsmithing bull**** in the UCC into one page.