When I pay off my mortgage am I effectively "negotiating an instrument"?

Asked almost 2 years ago - Bellevue, WA

It seems like my mortgage has been assigned and re-assigned and my understanding is that the note, a negotiable instrument, has been negotiated several times. When I pay off the note am I also 'negotiating" the instrument?


Attorney answers (2)

  1. 5

    Lawyers agree

    Answered . No. When your promissory note is paid off, it should be marked as cancelled and returned to you. A negotiable instrument is "negotiated" when someone writes "pay to the order of" someone else on it and signs it over to that someone else.

  2. 5

    Lawyers agree

    Answered . No - a mortgage pay off is not negotiating an instrument - though your check used to pay off the mortgage is a negotiable instrument.

    If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education... more

Related Topics

Buying real estate with a home mortgage

A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.

Real estate

The term real estate means land and items permanently attached to it, like buildings. This area of law deals with who has the right to own and use these items.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.


Ask now

35,040 answers this week

3,777 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

35,040 answers this week

3,777 attorneys answering