Legal Question in Real Estate Law in California
Recordation of Unsecured Promissory Note
Can you please tell me if a Promissory Note can be recorded at county recorder's ofc? I understand a promissory is a ''written unsecured note promising to pay a specified amount of money on demand, transferable to a 3rd party.'' 1) Is there any legal ruling I can read, a bill or citation that explains an unsecured note can be recorded in some instances? Can you please share this info & inform me where I could find this language? I thought it was not done very often, but in some cases unsecured notes are recorded. 2) I understand it won�t offer the same protections as a secured note, but if I sent my quit claim to the recorder's ofc to be recorded, along with a copy of the promissory note I received, could they record both items if I paid the fees? 3) Might someone do this, or an attorney might advise recording a note, just so it is known it exists on a particular mortgaged property? 4) Are there any other examples of where this might be helpful? 5) What if the property was in a Trust, would that be a reason that having the trustee record the promissory note might be helpful to alert the future successor trustee of the quit claim and Note? Please answer my questions as there are shades of information I'm hoping to understand.
2 Answers from Attorneys
Re: Recordation of Unsecured Promissory Note
The Recorder may only record documents authorized by law. As far as I know, the listing of acceptable documents is found in the Government Code at sections 27201 et seq.
I have skimmed through the sections of the Code that seem applicable, and I find no authority to accept promissory notes of any kind for recording, be they secured or unsecured. Indeed, I have never seen a promissory note recorded....it's usually only the deed of trust securing the note that shows in the record.
Re: Recordation of Unsecured Promissory Note
what do you mean by a quit claim deed, who prepared it who signed it where did it come from --- out of the blue your question take a hard left turn --- see an attorney who has an expertise in real estate law immediatily as your question show your inexperience which can cost you more money then you pay the attorney!!!!!!
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