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MMLU / A man purchased a house that needed substantial repairs. The man financed the…
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A man purchased a house that needed substantial repairs. The man financed the purchase of the house by borrowing funds from a bank. He signed a note to the bank and secured repayment of the loan with a mortgage. After purchasing the house, the man borrowed money from his credit union to make the repairs. The man signed a note to the credit union; this note was also secured by a mortgage on the house. Both mortgages were promptly recorded in the order granted. The man was personally liable on both loans. The man moved into the house and made the necessary repairs. He later defaulted on the debt to the bank, and the bank initiated judicial foreclosure proceedings, naming both the man and the credit union as parties to the action. An outside party acquired the house at the foreclosure sale. After the expenses of the sale and the balance due the bank have been paid, 5,000 remains in the sale proceeds. The outstanding balance of the credit union loan is 5,000. There is no applicable statute. Who is entitled to the $5,000?
Plain-text mathematical notation (without MathML)
A man purchased a house that needed substantial repairs. The man financed the purchase of the house by borrowing funds from a bank. He signed a note to the bank and secured repayment of the loan with a mortgage. After purchasing the house, the man borrowed money from his credit union to make the repairs. The man signed a note to the credit union; this note was also secured by a mortgage on the house. Both mortgages were promptly recorded in the order granted. The man was personally liable on both loans. The man moved into the house and made the necessary repairs. He later defaulted on the debt to the bank, and the bank initiated judicial foreclosure proceedings, naming both the man and the credit union as parties to the action. An outside party acquired the house at the foreclosure sale. After the expenses of the sale and the balance due the bank have been paid, 5,000remainsinthesalethebankhavebeenpaid,5,000 remains in the sale proceeds. The outstanding balance of the credit union loan is 20,000.Themanandthecreditunionbothclaimthe5,000. There is no applicable statute. Who is entitled to the $5,000?
Original LaTeX notation
A man purchased a house that needed substantial repairs. The man financed the purchase of the house by borrowing funds from a bank. He signed a note to the bank and secured repayment of the loan with a mortgage. After purchasing the house, the man borrowed money from his credit union to make the repairs. The man signed a note to the credit union; this note was also secured by a mortgage on the house. Both mortgages were promptly recorded in the order granted. The man was personally liable on both loans. The man moved into the house and made the necessary repairs. He later defaulted on the debt to the bank, and the bank initiated judicial foreclosure proceedings, naming both the man and the credit union as parties to the action. An outside party acquired the house at the foreclosure sale. After the expenses of the sale and the balance due the bank have been paid, $5,000 remains in the sale the bank have been paid, $5,000 remains in the sale proceeds. The outstanding balance of the credit union loan is $20,000. The man and the credit union both claim the $5,000. There is no applicable statute. Who is entitled to the $5,000?
choices
- The credit union, because the credit union has priority.
- The credit union, because the man is personally liable on the debt.
- The man, because of his equitable right of redemption.
- The man, because the outside party received title to the house subject to the second mortgage.
subject
professional_law
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