Conway Crafters, LLC, negotiated two promissory notes with Gotham Bank. Conway secured the loans to help finance
Question:
Conway Crafters, LLC, negotiated two promissory notes with Gotham Bank. Conway secured the loans to help finance the construction of a new commercial building. Separate mortgages secured each note. The mortgage language instructed Conway to take “any action reasonably requested” by Gotham Bank to preserve the bank’s priority interest in the property. After Gotham Bank made the final cash disbursement according to the terms of the loan, Conway hired Sunset Paving Company to pave the lot of its new commercial building. After Sunset completed the job, Conway refused to pay the full amount of the invoice. Shortly thereafter, Sunset filed a mechanic’s lien on the new commercial property. Gotham Bank believes its mortgage interest in the new commercial property takes priority over Sunset’s mechanic’s lien.
Do you agree? Explain.
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In this case it is likely that Gotham Banks mortgage interest in the new commercial proper...View the full answer
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