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Author Question: If instrument is negotiable, it can be: A) paid on demand. B)cancelled by the maker. C)assigned by ... (Read 65 times)

WhattoUnderstand

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on: Jun 24, 2018
If instrument is negotiable, it can be:
 A) paid on demand.
 B)cancelled by the maker.
 C)assigned by contract.
 D)transferred by negotiation.

Question 2

William and Joann Lieberman purchased a house with both of their names on the deed. However, the note and the mortgage for the purchase of the house had only William Lieberman's name. Following a divorce action, the lender sought to foreclose on the property. Joann Lieberman objected.


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komodo7

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Reply #1 on: Jun 24, 2018
Answer to Question 1

D

Answer to Question 2

The court held that the lender could foreclose only on the husband's interest in the property and not the wife's because she was not a party to the debt. A valid mortgage requires an underlying debt and the signature of the party to be bound and in order to have the mortgage against the full property.


WhattoUnderstand

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Reply 2 on: Jun 24, 2018
YES! Correct, THANKS for helping me on my review

cpetit11

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Reply 3 on: Yesterday
:D TYSM

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