7.07.070 Rights Conveyed by Assignment Mortgage

(a) The due execution and delivery of an assignment mortgage by an assignee shall vest in the loan program lender therein named, a valid security interest in and to such assignee's assignment and assignment rights. The security interest thereby granted is enforceable in Tribal Court pursuant to the provisions of the St. Regis Mohawk Tribe Mortgage Foreclosure and Eviction Ordinance and in accordance with the terms of such assignment mortgage. Any term of an assignment mortgage shall be deemed void and not enforceable if it is:

(1) Contrary to the terms and conditions of the loan program pursuant to which it is made; or

(2) Contrary to the provision of any tribal law in effect at the time the assignment mortgage was executed.

(b) The security interest in an assignment granted to a loan program lender shall be perfected by recording the assignment mortgage instrument.

(c) Any purported security interest granted in an assignment to the benefit of other than a loan program lender pursuant to a loan program shall be deemed null, void, and of no effect.