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MMLU-Pro / 1792 / A seller and a buyer signed a contract of sale for improved real property. The…

Problem

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question

A seller and a buyer signed a contract of sale for improved real property. The contract contained a financing contingency for a certain percentage of the purchase price. The buyer obtained the requisite financing from a bank. At the closing, the buyer executed a note to the seller for a portion of the purchase price, which note was not secured by a mortgage. The buyer then executed a second note, secured by a mortgage to executed a second note, secured by a mortgage to the bank, applying the bank loan proceeds to the purchase price of the property. The bank had actual knowledge of the prior note to the seller. The bank promptly recorded its mortgage. The buyer is now in default on both notes. There is no applicable statute. Which party has priority?

category

law

options

  1. The buyer, because he executed both notes.
  2. The bank, because it provided financing for the purchase of the property.
  3. The seller, because he retained a vendor's lien that was first in time.
  4. The bank, because its loan satisfied the financing contingency in the contract of sale.
  5. The seller, because the bank had actual knowledge of the seller's note.
  6. The seller, because the buyer's note to him was not secured by a mortgage.
  7. The bank, because it promptly recorded its mortgage.
  8. The bank, because its note is secured by a purchase money mortgage.
  9. The buyer, because he is the one in default on both notes.
  10. The seller, because the bank's loan did not fully cover the purchase price.

src

ori_mmlu-professional_law

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Source and history

upstream_id / Original problem ID
1792
task_id
ce7d28ba-8537-563a-b24a-14dfba1374e5
task_key
default--test--1792
task_revision_id
1
config / split
default / test

Official source

initial import