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MMLU / A man owned a four-story apartment building. The man borrowed …
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question
A man owned a four-story apartment building. The man borrowed 125,000 payable to the friend in one year and secured by a mortgage on the apartment building. The mortgage was dated January 1, 2008, and was recorded January 2, 2008. Thereafter, on February 1, 2008, the man executed a deed absolute on the apartment building and named the friend as grantee. This deed, although absolute in form, was intended only as additional security for the payment of the debt. In order to make judicial foreclosure unnecessary and to eliminate the right to redeem, the man then delivered the deed to an escrow agent in escrow with instructions to deliver the deed to the friend if the man failed to pay his promissory note at maturity. On January 1, 2009, the man failed to pay the note when it came due. The next day, the escrow agent delivered the deed to the apartment building to the friend. The friend then properly recorded this deed on January 3. One week later, on January 10, the friend conveyed the apartment building by warranty deed to an investor for the purchase price of 125,000 balance due to the friend, which he refused to accept. The man now brings an appropriate action against the friend and the investor to set aside the conveyance and to permit the redemption of the property by the man. Which of the following best states the man's legal rights, if any, in his action against the friend and the investor?
Plain-text mathematical notation (without MathML)
A man owned a four-story apartment building. The man borrowed 125,000fromhisfriendtomakeimprovements.Asconsiderationfortheloan,themanexecutedapromissorynotefor125,000 payable to the friend in one year and secured by a mortgage on the apartment building. The mortgage was dated January 1, 2008, and was recorded January 2, 2008. Thereafter, on February 1, 2008, the man executed a deed absolute on the apartment building and named the friend as grantee. This deed, although absolute in form, was intended only as additional security for the payment of the debt. In order to make judicial foreclosure unnecessary and to eliminate the right to redeem, the man then delivered the deed to an escrow agent in escrow with instructions to deliver the deed to the friend if the man failed to pay his promissory note at maturity. On January 1, 2009, the man failed to pay the note when it came due. The next day, the escrow agent delivered the deed to the apartment building to the friend. The friend then properly recorded this deed on January 3. One week later, on January 10, the friend conveyed the apartment building by warranty deed to an investor for the purchase price of 200,000.OnJanuary12,themantenderedthe125,000 balance due to the friend, which he refused to accept. The man now brings an appropriate action against the friend and the investor to set aside the conveyance and to permit the redemption of the property by the man. Which of the following best states the man's legal rights, if any, in his action against the friend and the investor?
Original LaTeX notation
A man owned a four-story apartment building. The man borrowed $125,000 from his friend to make improvements. As consideration for the loan, the man executed a promissory note for $125,000 payable to the friend in one year and secured by a mortgage on the apartment building. The mortgage was dated January 1, 2008, and was recorded January 2, 2008. Thereafter, on February 1, 2008, the man executed a deed absolute on the apartment building and named the friend as grantee. This deed, although absolute in form, was intended only as additional security for the payment of the debt. In order to make judicial foreclosure unnecessary and to eliminate the right to redeem, the man then delivered the deed to an escrow agent in escrow with instructions to deliver the deed to the friend if the man failed to pay his promissory note at maturity. On January 1, 2009, the man failed to pay the note when it came due. The next day, the escrow agent delivered the deed to the apartment building to the friend. The friend then properly recorded this deed on January 3. One week later, on January 10, the friend conveyed the apartment building by warranty deed to an investor for the purchase price of $200,000. On January 12, the man tendered the $125,000 balance due to the friend, which he refused to accept. The man now brings an appropriate action against the friend and the investor to set aside the conveyance and to permit the redemption of the property by the man. Which of the following best states the man's legal rights, if any, in his action against the friend and the investor?
choices
- The man has no rights against the investor, but the man does have an action for redemption against the friend for the value of the property.
- The man has no rights against the friend, but the man does have an action for redemption against the investor for the value of the property.
- The man has the option of seeking redemption against either the friend or the investor for the value of the property, but the man cannot set aside the conveyance.
- The man has no rights against either the friend or the investor because he defaulted on the promissory note.
subject
professional_law
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