Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Olease see the new photo, thank you! 1) Five (5) years ago A purchased a home and took out a mortgage with X Bank. A
Olease see the new photo, thank you!
1) Five (5) years ago "A" purchased a home and took out a mortgage with X Bank. "A" now wants to sell the house to "B". As part of the purchase price, "B" will assume the remainder of the mortgage "A" gave to X Bank. X Bank has been notified of the transaction, and has consented to an assumption of the mortgage by B. What are the rights of X Bank? Result: Reason: 2) Same as #1, but assume X Bank is not notified of the mortgage assumption by "B". What are the rights of X Bank? Result: Reason: 5) Same as #4 above, but "C" never received the goods. "A" now sues "C" for non payment. Should "A" be successful? Result: Reason: 2. ENFORCEMENT OF THIRD PARTY RIGHTS 1) Five (5) years ago "A" purchased a home and took out a mortgage with X Bank. "A" now wants to sell the house to "B". As part of the purchase price, "B" will assume the remainder of the mortgage "A" gave to X Bank. X Bank has been notified of the transaction, and has consented to an assumption of the mortgage by "B". What are the rights of X Bank? Result: Reason: 2) Same as #1, but assume X Bank is not notified of the mortgage assumption by "B". What are the rights of X Bank? Result: Reason: 3) "B" owes back rent to "A" in the amount of $100. "C" purchases goods from "B" and promises to pay "A" S100. "A" is notified and consents to the arrangement. Assume "C" fails to pay "A". What are the rights of "A"? Result: Reason: 4) Same as #3 above but before "A" is notified, "B" and "C" modify the price to $20 from $100. What are the rights of "A"? Result: Reason 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