Covenant 20 or similar Singular

The Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower.

Promissory Note

Together with this security instrument

Security Instrument
(Deed of Trust)

Sec. 3.203. TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER. (a) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. (b) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course. The transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality affecting the instrument.

(d) If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this chapter and has only the rights of a partial assignee.

Texas Business and Commerce Code

Covenant 20 or similar Singular

The Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower.

Promissory Note

Together with this security instrument

Security Instrument
(Deed of Trust)

Plural
or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. Partial Interest

Together with this security instrument

Security Instrument
Deed of Trust

Split

Promissory Note

Split

Partial Interest

Together with this security instrument

Security Instrument

How can a security instrument be split into parts?

Covenant 20 or similar Plural

or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. Together with this security instrument

Partial Interest

Security Interest
Deed of Trust

Security Interest to MBS

Split

Promissory Note

Split

Partial Interest

Together with this security instrument

Security Interest
Security Instrument to MERS Security Interest to MBS

Sec. 3.203. TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER. (a) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. (b) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course. The transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality affecting the instrument.

(d) If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this chapter and has only the rights of a partial assignee.
Texas Business and Commerce Code

MERSCORP Holdings, Inc. owns and operates the MERS System, a national electronic registry system that tracks the changes in servicing rights and beneficial ownership interests in mortgage loans that are registered on the registry.
Beneficial ownership interests

or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower.

MERS
Electronic Agent

Principal Only Interest In

(together with this Security Instrument)

Interest In
(together with this Security Instrument)

Security Instrument
(Deed of Trust)

Interest Only Interest In

(together with this Security Instrument)

Promissory Note

Interest In
(together with this Security Instrument)

Beneficial Interest in Transferable Record Tangible mortgage loan Paper Record Intangible mortgage loan Transferable Record

Originator/Broker

Woe unto you Lawyers