Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Mammoth Bank holds a mortgage on Old McDonald's farm. McDonald waters his fields using a standard irrigation system that has three components: Gated pipes:
The Mammoth Bank holds a mortgage on Old McDonald's farm. McDonald waters his fields using a standard irrigation system that has three components:
- Gated pipes: Lightweight and portable pipes ("gated pipes"), with gates or windows on one side, that open or close to regulate the flow of water;
- Riser pipes: Pipes permanently connecting the gated pipes to underground water pipes buried under the fields; and
- Underground water pipes that are attached to the water supply.
Old McDonald defaults on repayment of his mortgage loan, and the bank forecloses on the mortgage. The court schedules the sale by auction of Old McDonald's farm.
Will the gated pipes, riser pipes, and underground water pipes be included in the sale and sold as fixtures? Explain your answer.
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