Riverdale, GA asked in Real Estate Law for Georgia

Q: Is the promissory note inseparable to the security deed?

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1 Lawyer Answer
Tanner Woods Pittman
Tanner Woods Pittman
  • LaGrange, GA
  • Licensed in Georgia

A: Obviously, a little more information would be needed to determine what you mean by "inseparable." A promissory note is incorporated by reference in a security deed. As such, they constitute one, complete agreement, and to that extent, they are "inseparable."

However, I see this issue brought up a lot in the context of challenges to foreclosures. Often, a litigant will argue the foreclosure was handled improperly because the security deed was assigned (as through MERS) but the promissory note was not endorsed over to the proper asignee of the deed. In such cases, in my opinion, the litigants are plain wrong. The OWNER of the security deed can be a party other than the holder in due course of the promissory note and can still foreclose.

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