8/13/2019 Covenant 20 or Similar

http://slidepdf.com/reader/full/covenant-20-or-similar 1/3

Promissory Note SecurityInstrument(Deed of Trust)

Together with thissecurity instrument

Singular

The Note (together with this Security Instrument) can be sold one or more

times without prior notice to Borrower.

Covenant 20 or similar

(d) If a transferor purports to transfer less than the entire instrument, negotiation of the

instrument does not occur. The transferee obtains no rights under this chapter and has only the

rights of a partial assignee.

Sec. 3.203. TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER. (a) An

instrument is transferred when it is delivered by a person other than its issuer for the purpose

of giving to the person receiving delivery the right to enforce the instrument.

(b) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the

transferee any right of the transferor to enforce the instrument, including any right as a holder

in due course. The transferee cannot acquire rights of a holder in due course by a transfer,

directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality

affecting the instrument.

Texas Business and Commerce Code

Promissory Note Deed of Trust

Promissory Note

Partial Interest

Security

Instrument(Deed of Trust)

Together with this

security instrument

Singular

Security

Instrument

Partial InterestSecurity

Instrument

Together with this

security instrument

Together with this

security instrument

Pluralor a partial interest in the Note (together with this Security Instrument)

can be sold one or more times without prior notice to Borrower.

The Note (together with this Security Instrument) can be sold one or moretimes without prior notice to Borrower.

Covenant 20 or similar

Split Split

How can a security instrument be split into parts?

8/13/2019 Covenant 20 or Similar

http://slidepdf.com/reader/full/covenant-20-or-similar 2/3

 

Promissory Note Deed of Trust

Partial Interest

Security

Interest

Partial InterestSecurity

Interest

Together with this

security instrument

Plural

or a partial interest in the Note (together with this Security Instrument)

can be sold one or more times without prior notice to Borrower.

Covenant 20 or similar

Split Split

Security Instrument

to MERS

Together with this

security instrument

Security Interest

to MBS

Security Interest

to MBS

Sec. 3.203. TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER.

(a) An instrument is transferred when it is delivered by a person other than its

issuer for the purpose of giving to the person receiving delivery the right to enforce

the instrument.

(b) Transfer of an instrument, whether or not the transfer is a negotiation, vests in

the transferee any right of the transferor to enforce the instrument, including any

right as a holder in due course. The transferee cannot acquire rights of a holder in

due course by a transfer, directly or indirectly, from a holder in due course if the

transferee engaged in fraud or illegality affecting the instrument.

(d) If a transferor purports to transfer less than the entire instrument, negotiation of the instrument

does not occur. The transferee obtains no rights under this chapter and has only the rights of a

partial assignee.

Texas Business and Commerce Code

Promissory Note

Security

Instrument(Deed of Trust)

MERS

Originator/Broker

or a partial interest in the

Note (together with this

Security Instrument) can

be sold one or more times

without prior notice to

Borrower.

Interest In

Interest In

Interest In

Interest In

Interest Only

Principal Only

“Beneficial Interest in”

Transferable Record

Electronic Agent

Intangible “mortgage loan”

Transferable Record

Tangible “mortgage loan”

Paper Record

(together with this Security Instrument)

(together with this Security Instrument)

(together with this Security Instrument)

(together with this Security Instrument)

MERSCORP Holdings, Inc. owns and operates the MERS System, a national electronic registry system

that tracks the changes in servicing rights and beneficial ownership interests in mortgage loans that are

registered on the registry.

Beneficial ownership interests

8/13/2019 Covenant 20 or Similar

http://slidepdf.com/reader/full/covenant-20-or-similar 3/3

 

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