Article 3-104 of the Uniform Commercial Code defines a "note" as being a negotiable instrument in the form of a written undertaking to pay money signed by the person undertaking to pay. An acknowledgment of an obligation by the obligor is not a promise unless the obligor also undertakes to pay the obligation. The Electronic Signatures in Global and National Commerce Act provides that any such promise made electronically that relates to a loan secured by real property may be treated as a "transferable record" if the issuer of the record expressly agrees. Transferable records may be executed using electronic signatures. Under the Act, a controller of a transferable record as defined above is in the same position as and has in general the same rights and defenses as a holder on due course of a paper negotiable instrument. [26] It is, however, expressly provided that delivery, possession and endorsement are not required for these provisions to apply.