Goods and Services

Products

You can't sell something if you don't have anything. This was the mentality of the men of iniquity when MERS was but a conception for the wall street scheme of "intangibles" to be sold to "investors" of the world of wall street.

Mortgage Electronic Registration Systems, Inc. [MERS]

For MERS to work, deception was the key. For MERS to work, laws needed to be created. For MERS to work laws needed to be modified. For MERS to work, people needed to be misled.

GOODS

For commercial goods to be sold, the Uniform Commercial Code [UCC] would be a governing factor. Commercial Sales, or Leases, are governed by the Uniform Commercial Code.

PROBLEM

Many laws were altered to allow the electronic contract to be enforcable because of the "electronic" signature was different from a handwritten signature. Laws were created to allow for transferring the electronic contract by means of computer systems interconnected in some way, form, or fashion, that would adhere to the laws of E-SIGN, and UETA.

The one law that could not be changed was Article 3, of the Uniform Commercial Code. Changing Article 3 would cause the age old way of negotiating negotiable instruments into a free for all, with a split of electronic Notes, and paper Notes. Thanks to whomever it was, Article 3 was not changed for the support of electronic promissory Notes. This is evident in 15 USC 7003.

§ 7003. Specific exceptions

(a) Excepted requirements

The provisions of section 7001 of this title shall not apply to a contract or other record to the extent it is governed by— 

(3) the Uniform Commercial Code, as in effect in any State, other than sections 1–107 and 1–206 and Articles 2 and 2A.

For E-SIGN, the comittee did include Articles 2 & 2A because that involves sales and leases.

If you were to look also at 1-107; and 1-206 of the UCC, you would discover those two sections apply to ;

§ 1-107. SECTION CAPTIONS

§ 1-206. PRESUMPTIONS

FINANCIAL ASSET - A financial asset is an intangible asset whose value is derived from a contractual claim, such as bank deposits, bonds, and stocks. Financial assets are usually more liquid than other tangible assets, such as commodities or real estate, and may be traded on financial markets.

MERS and MERS members are selling, transferring, assigning, and purchasing intangible payment streams created by account debtors registering Mortgage Identification Numbers [MIN] containing multiple financial assets of the account debtor. The homeowner has no part in the MERS system. It is trickery. And that is only part of the MERS debacle. 

The section of E-SIGN that appears to really screw everybody up is the definition in 15 USC 7021;

Transferable Record

(a) Definitions

For purposes of this section:
            (1) Transferable record. The term “transferable record” means an electronic record that—
                (A) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing;

For the purposes of you understanding that definition in section 7021; "If the dog had not stopped to take crap, it would have caught the rabbit".

The same principal applies. The transferable record would be a note under Article 3 of the Uniform Commercial Code, but Article 3 does not Govern transferable records, see 15 USC 7003.

What seems to confuse people more is the "electronic record". That can be witnessed in practically any court room when the alleged lender's agents,  or representatives thereof, introduce scanned copies of alleged "original" paperwork. It could be because of its definition I suppose. Or is it because of the latter part of the definition; "or stored by electronic means."?

Electronic Records -

Are a contract or other record created, generated, sent, communicated, received, or stored by electronic means.

Just because the original real property mortgage was scanned into a format to suit the investors, E-SIGN is not a legal means for storing tangible contracts which were originally signed using wet ink. To be within the guidelines of E-SIGN the electronic record would require an electronic signature. A negotiable instrument within the guidelines of Article 3 cannot be electronically signed. E-SIGN excludes Article 3. 

Do not be deceived