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Author Question: Explain the right of a mortgage company that is foreclosing on a property where there are other ... (Read 71 times)

jerry coleman

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on: Jun 24, 2018
Explain the right of a mortgage company that is foreclosing on a property where there are other perfected and secured parties.

Question 2

An interest in personal property or fixtures that secures payment or performance of an obligation is called a(n): ______.
 A) guaranty holding.
 B)security interest.
 C)guaranty interest.
 D)good-faith guaranty.


JYan

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

The mortgage company has to either allow the creditors to take the fixtures with them and reimburse the mortgage company for a decline in value or pay out the proceeds to these creditors in the order in which they have priority and distribute according to that priority.

Answer to Question 2

B


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jerry coleman

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Reply #2 on: Jun 24, 2018
Thank you :)


JYan

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Reply #3 on: Jun 24, 2018
Happy to help you


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