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  • See RESTATEMENT (THIRD) OF PROPERTY (MORTGAGES) ?? 5.4 cmt. e (1997). ???Where the mortgagee has ???transferred??? only the mortgage, the transaction is a nullity and his ???assignee,??? having received no interest in the underlying debt or obligation, has a worthless piece of paper.??? 4 RICHARD R. POWELL, POWELL ON REAL PROPERTY, ?? 37.27[2] (2000).
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