California Business and Professions Code 10233.2 – For the purposes of Division 3 (commencing with Section 3101) and …
For the purposes of Division 3 (commencing with Section 3101) and Division 9 (commencing with Section 9101) of the Commercial Code, when a broker, acting within the meaning of subdivision (d) or (e) of Section 10131 or Section 10131.1, has arranged a loan or sold a promissory note or any interest therein, and thereafter undertakes to service the promissory note on behalf of the lender or purchaser in accordance with Section 10233, delivery, transfer, and perfection shall be deemed complete even if the broker retains possession of the note or collateral instruments and documents, provided that the deed of trust or an assignment of the deed of trust or collateral documents in favor of the lender or purchaser is recorded in the office of the county recorder in the county in which the security property is located, and the note is made payable to the lender or is endorsed or assigned to the purchaser.
(Added by Stats. 1992, Ch. 158, Sec. 1. Effective January 1, 1993.)
Terms Used In California Business and Professions Code 10233.2
- County: includes city and county. See California Business and Professions Code 17
- Deed: The legal instrument used to transfer title in real property from one person to another.
- deed of trust: as used in this part includes "mortgage. See California Business and Professions Code 10028
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15