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

Asked over 1 year 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?

Thanks!

Attorney answers (2)

  1. Michael Duane Daudt

    Contributor Level 11

    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. Michael T Millar

    Pro

    Contributor Level 19

    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.

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