A business owner executed a nonnegotiable promissory note and granted a mortgage on his condominium. The bank assigned its interest in the note via a separate document that mentions the note but not the mortgage. What is the effect on ownership of the mortgage?

• A. The Third Party Owns the Mortgage, Because the Mortgage Follows the Note
• B. The Financial Institution Owns the Mortgage, Because There Was No Mention of Mortgage in the Note Assignment
• C. The Financial Institution Owns the Mortgage, Because Transfer of Note Without Mortgage Is Void
• D. The Transfer of the Note Does Not Transfer the Mortgage

Answer: (A)