On May 1, 2010, Cynthia Hendrix bought her home and First Bank recorded its mortgage. On June 24, 2012, Cynthia sold her home to Stanton Gulbrandsen for 250,000. At that time, Cynthia's mortgage was 225,000. Stanton assumed Cynthia's mortgage and gave Second Bank a second mortgage for 225,000. Second Bank did not record its mortgage. On October 12, 2014, Stanton sold the home to Derek Bolger for 275,000. Bolger took the property subject to the previous mortgages and executed a 275,000 mortgage to Third Bank. Third Bank recorded its mortgage on October 18, 2014. Third Bank knew of the Second Bank mortgage. Following the sale of the property at foreclosure, whose liability is discharged on the First Bank mortgage?
A)Cynthia
B)Stanton
C)Derek
D)None of the above
Question 2
To my daughter so long as her husband is alive is a:
A) Fee simple subject to a condition subsequent.
B) Fee simple determinable.
C) Estate for years.
D) Periodic tenancy.
Bank
Martha Rosler, Gladiators, from the series House Beautiful: Bringing the War Home. 2004
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