Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wyn bought real estate from Duke and gave Duke a purchase money mortgage. Duke forgot to record the mortgage. Two months later, Wyn gave a

Wyn bought real estate from Duke and gave Duke a purchase money mortgage. Duke forgot to record the mortgage. Two months later, Wyn gave a mortgage on the same property to Goode to secure a property improvement loan. Goode recorded this mortgage nine days later. Goode knew about the Duke mortgage. If these events took place in a notice race statute jurisdiction, which mortgage would have priority?

Question 15 options:

Duke's, because Goode knew of the Duke mortgage.

Goode's, because it was recorded within ten days.

Duke's, because it was the first mortgage given.

Goode's, because it was the first mortgage recorded.

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_2

Step: 3

blur-text-image_3

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

Canadian Income Taxation Planning And Decision Making

Authors: Joan Kitunen, William Buckwold

17th Edition 2014-2015 Version

1259094332, 978-1259094330

More Books

Students also viewed these Accounting questions

Question

7. One or other combination of 16.

Answered: 1 week ago

Question

5. It is the needs of the individual that are important.

Answered: 1 week ago