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MMLU / A son loaned his father a large sum of money. The father signed a 10-year…

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question

A son loaned his father a large sum of money. The father signed a 10-year promissory note and secured the note with a mortgage on his farm. The mortgage was promptly recorded. The next year, the father died intestate. The father's heirs were the son and his two sisters. The sisters first learned of the mortgage just after their father died. The sisters now assert that the son, their brother, holds the mortgage for their benefit as well as for himself because as a tenant in common with his sisters, he has a fiduciary duty toward them. There are no applicable statutes. Are the sisters correct?

choices

  1. No, because the mortgage was granted before the tenancy in common was created.
  2. No, because the three siblings took the farm as tenants in common rather than as joint tenants with right of survivorship.
  3. Yes, because a fiduciary relationship exists among tenants in common.
  4. Yes, because their three interests are equal.

subject

professional_law

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