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The Uniform Land Security Interest Act (ULSIA or Act) seeks to improve the collection process in cases of default; indeed, most of the text and commentary of the Act deals with that topic. ULSIA has the blessings of the American College of Real Estate Lawyers and the Real Property Section of the American Bar Association. However, though it was first promulgated in 1985, the Act has not yet been adopted in any jurisdiction, nor has it received much consideration in the law reviews or trade journals. As a result, state legislatures do not have much existing analysis to aid them. This Article attempts to serve that critical function. I approached ULSIA from the point of view of a mortgagee confronted with a default by its mortgagor who intended to collect its debt by complying with ULSIA. I proceeded mentally through the steps the lender would have to take at each stage of the process, noting where the Act gave clear guidance to the parties and where its message was silent, unclear, ambiguous, or contradictory. Overall, I found that ULSIA did not present an easy road map to follow.


Posted with permission of the Connecticut Law Review.

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