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MMLU / A veterinarian was the owner in fee of a 50-acre tract of farmland. The…

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A veterinarian was the owner in fee of a 50-acre tract of farmland. The veterinarian contracted to sell her property to an investor for 300,000.Thepartiessignedawrittenland−saleagreementthatprovidedfor30monthlyinstallmentpaymentsof300,000. The parties signed a written land-sale agreement that provided for 30 monthly installment payments of 10,000 each. According to the terms of the sale agreement, the veterinarian would deliver a warranty deed to the investor upon payment of the last installment. In accordance with state law, the farmland's land-sale agreement was properly recorded. After making the first 10 installment payments, the investor discovered that there was an unrecorded mortgage on the farmland. The veterinarian, who is the mortgagor, has regularly made her mortgage payments and is not in default. This jurisdiction has the following recording statute in effect:"No conveyance or instrument is good as against any subsequent purchaser for value and without notice, unless the same be recorded prior to subsequent purchase. "After the investor learned of the outstanding mortgage, he discontinued making further installment payments to the veterinarian. The investor alleged that the veterinarian was in breach of the land-sale agreement due to the existence of the unrecorded mortgage. The investor sues the veterinarian for breach of contract. Ifjudgment is rendered in favor of the veterinarian, it will be because
Plain-text mathematical notation (without MathML)
A veterinarian was the owner in fee of a 50-acre tract of farmland. The veterinarian contracted to sell her property to an investor for 300,000.Thepartiessignedawrittenland−saleagreementthatprovidedfor30monthlyinstallmentpaymentsof10,000 each. According to the terms of the sale agreement, the veterinarian would deliver a warranty deed to the investor upon payment of the last installment. In accordance with state law, the farmland's land-sale agreement was properly recorded. After making the first 10 installment payments, the investor discovered that there was an unrecorded mortgage on the farmland. The veterinarian, who is the mortgagor, has regularly made her mortgage payments and is not in default. This jurisdiction has the following recording statute in effect:"No conveyance or instrument is good as against any subsequent purchaser for value and without notice, unless the same be recorded prior to subsequent purchase. "After the investor learned of the outstanding mortgage, he discontinued making further installment payments to the veterinarian. The investor alleged that the veterinarian was in breach of the land-sale agreement due to the existence of the unrecorded mortgage. The investor sues the veterinarian for breach of contract. Ifjudgment is rendered in favor of the veterinarian, it will be because
Original LaTeX notation
A veterinarian was the owner in fee of a 50-acre tract of farmland. The veterinarian contracted to sell her property to an investor for $300,000. The parties signed a written land-sale agreement that provided for 30 monthly installment payments of $10,000 each. According to the terms of the sale agreement, the veterinarian would deliver a warranty deed to the investor upon payment of the last installment. In accordance with state law, the farmland's land-sale agreement was properly recorded. After making the first 10 installment payments, the investor discovered that there was an unrecorded mortgage on the farmland. The veterinarian, who is the mortgagor, has regularly made her mortgage payments and is not in default. This jurisdiction has the following recording statute in effect:"No conveyance or instrument is good as against any subsequent purchaser for value and without notice, unless the same be recorded prior to subsequent purchase. "After the investor learned of the outstanding mortgage, he discontinued making further installment payments to the veterinarian. The investor alleged that the veterinarian was in breach of the land-sale agreement due to the existence of the unrecorded mortgage. The investor sues the veterinarian for breach of contract. Ifjudgment is rendered in favor of the veterinarian, it will be because

choices

  1. the installment land-sale agreement is a security device.
  2. although the land-sale agreement is actually a mortgage, it does not impair the investor's right of redemption.
  3. the prior mortgage has no legal effect on the investor's rights under the installment land-sale agreement.
  4. the time for the veterinarian, as seller, to deliver marketable title has not yet arrived.

subject

professional_law

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task_id
883a54e7-4da5-51b6-8e87-bde6803a195e
task_key
all--test--883a54e7-4da5-51b6-8e87-bde6803a195e
task_revision_id
1
config / split
all / test

Official source

initial import