Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help lila answer correctly,a man borrows $100,000.00 fromaBank to buy a house. hesigns a promissory note and a mortgage tothat Bank as evidence that the
help lila answer correctly,a man borrows $100,000.00 fromaBank to buy a house. hesigns a promissory note and a mortgage tothat Bank as evidence that the Bank loaned himthe money. his's first payment is to be made by September 1st. Before making his first payment on the note,the Bank, on July 31st, assigns all of its rights to XYZ Co. BoththeBank and XYZ Co. give notice of the assignment to Jack, and Jack receives that notice on August 10th. XYZ Co. on August 28th then assigns all of its rights to State Mortgage Company, but doesn't send to he notice of the assignment to State Mortgage Companyhemails his first payment on September 1st. To whom does hesend the payment?help lila choose correct answerA) National Capital Bank. B) XYZ Co. C) State Mortgage Company. D) None of the above, because a note and a mortgage cannot be assigned. help lila choose
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started