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MMLU / A landowner was the record title owner of a three- acre tract of land. In order…

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question

A landowner was the record title owner of a three- acre tract of land. In order to finance the purchase of the property in 2005, the landowner borrowed $100,000 from the bank, which secured the loan with a mortgage that amortized principal and interest payments over a 15-year period. The bank promptly recorded the mortgage. This jurisdiction has the following recording statute in effect:"Any unrecorded conveyance or mortgage is invalid as against a subsequent bonafide purchaser for value without notice who records first. "In 2006, the landowner subdivided the property into three one-acre lots. He sold lot ito his friend for $75,000. The following year, the landowner sold lot 2 to his brother for $60,000. The landowner continued to reside on lot 3. When the landowner sold lots 1 and 2 to the friend and the brother, the deeds did not make any reference to the original mortgage between the landowner and the bank. In 2009, the landowner was laid off from his job and went into default on his mortgage payments. The bank is now about to institute foreclosure proceedings. Which of the following most accurately states the rights and obligations of the parties?
Plain-text mathematical notation (without MathML)
A landowner was the record title owner of a three- acre tract of land. In order to finance the purchase of the property in 2005, the landowner borrowed $100,000 from the bank, which secured the loan with a mortgage that amortized principal and interest payments over a 15-year period. The bank promptly recorded the mortgage. This jurisdiction has the following recording statute in effect:"Any unrecorded conveyance or mortgage is invalid as against a subsequent bonafide purchaser for value without notice who records first. "In 2006, the landowner subdivided the property into three one-acre lots. He sold lot ito his friend for $75,000. The following year, the landowner sold lot 2 to his brother for $60,000. The landowner continued to reside on lot 3. When the landowner sold lots 1 and 2 to the friend and the brother, the deeds did not make any reference to the original mortgage between the landowner and the bank. In 2009, the landowner was laid off from his job and went into default on his mortgage payments. The bank is now about to institute foreclosure proceedings. Which of the following most accurately states the rights and obligations of the parties?
Original LaTeX notation
A landowner was the record title owner of a three- acre tract of land. In order to finance the purchase of the property in 2005, the landowner borrowed $100,000 from the bank, which secured the loan with a mortgage that amortized principal and interest payments over a 15-year period. The bank promptly recorded the mortgage. This jurisdiction has the following recording statute in effect:"Any unrecorded conveyance or mortgage is invalid as against a subsequent bonafide purchaser for value without notice who records first. "In 2006, the landowner subdivided the property into three one-acre lots. He sold lot ito his friend for $75,000. The following year, the landowner sold lot 2 to his brother for $60,000. The landowner continued to reside on lot 3. When the landowner sold lots 1 and 2 to the friend and the brother, the deeds did not make any reference to the original mortgage between the landowner and the bank. In 2009, the landowner was laid off from his job and went into default on his mortgage payments. The bank is now about to institute foreclosure proceedings. Which of the following most accurately states the rights and obligations of the parties?

choices

  1. The bank can foreclose only on lot 3 because ownership to that parcel is retained by the landowner, the original mortgagor.
  2. The bank has the option of foreclosing on parcels 1, 2, or 3 because the mortgage covered the entire three-acre tract.
  3. The bank must first foreclose on lot 3, and if the proceeds are insufficient, then the mortgagee may foreclose against lots 1 and 2 in the inverse order of their alienation.
  4. The bank can foreclose on lot 3, but not on lots I and 2 unless the friend and the brother assumed the mortgage when they purchased their land from the landowner.

subject

professional_law

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Source and history

task_id
b63ad882-26a8-575a-8cf2-11c4776ca48e
task_key
all--test--b63ad882-26a8-575a-8cf2-11c4776ca48e
task_revision_id
1
config / split
all / test

Official source

initial import