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Author Question: Decide the order of priority for the following creditor's and explain why. April 12, 2015 - Wells ... (Read 30 times)

lidoalex

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on: Jun 24, 2018
Decide the order of priority for the following creditor's and explain why. April 12, 2015 - Wells Fargo mortgage on residential property of Jane Miyamoto is recorded April 30, 2015 - Paddock Pool Company records second mortgage within 10 days of beginning pool construction May 15, 2015 - Desert Vista Landscaping records lien within 10 days of completing Jane's landscaping May 30, 2015 - Saguaro Fans records PMSI in fans installed in Jane's home nine days after their installation

Question 2

Self-help repossession of collateral upon a buyer's default is contrary to public policy and is never allowed.
  Indicate whether the statement is true or false


Chelseyj.hasty

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

1.Saguaro Fans - PMSI recorded within 10 days
2.Wells Fargo - Original mortgagee, first in time

3.Paddock - Second mortgage, no priority status

4.Desert Vista - lien, no priority status

Answer to Question 2

FALSE


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