Question
Hey tutuors can you assist with this practice question for study review: Chad owns Blackacre. On November 9, 2018, he transfers the property to Jordan
Hey tutuors can you assist with this practice question for study review:
Chad owns Blackacre. On November 9, 2018, he transfers the property to Jordan via a properly executed deed. Jordan does not record. Later, on February 1, 2019, Chad transfers the same property (Blackacre) to Luke, in exchange for $100,000 in cash, again via a properly executed deed. Luke does not record. Immediately thereafter, on February 2, 2019, Luke borrows $200,000 from Big State Bank and, in connection with that loan, gives the bank a mortgage against Blackacre. The bank does not record. Big State Bank later transfers the note to Calvin, selling it to him for $195,000 on March 14, 2019. Calvin does not record.
1. Draw a diagram of the conveyances set forth above.
2. Is Jordan a BFP? Explain why or why not.
3. If the note goes into default after it is transferred to Calvin, can Calvin foreclose on the property? Explain why or why not.
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