- It appears Arizona did not revise the State's version of UCC-3, which is ARS 47-3... in respect to Sum Certain requirements for negotiable instruments. I am having one of my attorneys research it, so far we have found nothing. The issue with the Sum Certain clause is it makes ALL variable interest rate notes non-negotiable and therefore even a bank holding said note is not the Holder in Due Course and therefore can not foreclose. Said bank would more correctly be called a Holder for Value, which does have lien rights but no foreclosure rights.You might want to check your State's version of the UCC, unless you live in Louisiana, which didn't really accept the UCC fully.
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I am not an attorney and do not give legal advice, all information is for education purposes only. Read Luke 23:2.