Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

___ _ _ ___ _ ..___ r__.__ ______ ______ _____ ______ ______ 3. 0, owner of Blackacre, which is worth $50,0000, borrows $10,000 from A

image text in transcribed
___ _ _ ___ _ ..___ r__.__ ______ ______ _____ ______ ______ 3. 0, owner of Blackacre, which is worth $50,0000, borrows $10,000 from A and gives A a mortgage on Blackacre. A does not record. 0 then borrows $14,000 from B and, after telling B of the prior mortgage to A, gives B a mortgage on Blackacre. B records, 0 then borrows $5,000 from C and gives C a mortgage on Blaekaere. C has no notice of His mortgage. C records. Subsequently Blackacre is discovered to be contaminated with hazardous wastes, and its value plummets. O defaults. Upon foreclosure sale, Blackacre sells for $20,000. How should this amount be distributed among A, B, and C? Suppose all of the gures in this problem, except for the original worth of $50,000, were $5,000. How should the fund be distributed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Immigration Law And Practice

Authors: Ayodele Gansallo, Judith Bernstein-Baker

2nd Edition

154381378X, 978-1543813784

More Books

Students also viewed these Law questions

Question

Describe the perception process.

Answered: 1 week ago

Question

5. How can I help others in the network achieve their goals?

Answered: 1 week ago