Ritz owned a building in which there was a duly recorded first ...

[APUS57]

Ritz owned a building in which there was a duly recorded first mortgage held by Lyn and a recorded second mortgage held by Jay. Ritz sold the building to Nunn. Nunn assumed the Jay mortgage and had no actual knowledge of the Lyn mortgage. Nunn defaulted on the payments to Jay. If both Lyn and Jay foreclosed and the proceeds of the sale were insufficient to pay both Lyn and Jay, then:
 a. Jay would be paid after Lyn was fully paid.
  b. Jay and Lyn would be paid proportionately.
  c. Nunn would be personally liable to Lyn but not to Jay.
  d. Nunn would be personally liable to Lyn and Jay.

Question 2

The Endangered Species Act imposes its obligations only on public projects and not on private land owners.
 a. True
  b. False
  Indicate whether the statement is true or false

[verrinzo]

Answer to Question 1

.A

Answer to Question 2

FALSE

[APUS57]

Correct answers!

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