Brigham Young University Law Review
When the holder of a note and mortgage 1 asserts its rights, well-established law delineates what defenses are available to those who are liable for the debt. However, in some cases a person who is not liable for the debt-a "third party" to the loan transaction-may have a defense against the holder's action. Although the third party is not liable for the debt, it may have an interest in the mortgaged land or in the mortgage itself. Unfortunately, the law is not nearly as clear in this situation. The confusion arises in large part because the laws concerning notes and mortgages have evolved with little regard for each other, despite their close association in commercial transactions.
Ann Burkhart, Third-Party Defenses to Mortgages, 1998 BYU L. Rev. 1003 (1998), available at https://scholarship.law.umn.edu/faculty_articles/251.