Question
On February 4, Stewart gave Hughes a mortgage to secure a debt of $100,000. Hughes was obli- gated to advance $55,000 of this amount in
On February 4, Stewart gave Hughes a mortgage to secure a debt of $100,000. Hughes was obli- gated to advance $55,000 of this amount in the future. The mortgage was recorded on February 7; and the $55,000 was advanced in April, May, July, and August. However, on November 6, Ashdown Hardware acquired a mechanic's lien for materials furnished to improve the mortgaged property. The lien was effective from the date materials were originally furnishedFebruary 21. Does the Hughes mortgage or the Ashdown lien have pri- ority if the property is sold? Why?
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