4.2.13 Payment.
| Jurisdiction | Arizona |
After a mortgage has been assigned by the mortgagee, the mortgagor may raise the defense of payment against the assignee, where the mortgagor has continued to make payments to the original mortgagee without any notice of the assignment.
However, if the mortgagor’s obligation is represented by a negotiable instrument, the payment defense is subject to the UCC rules for holders-in-due-course. If the assignee is a holder-in-due-course, the UCC provides that the assignee takes the instrument free from all...
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