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Author Question: Suppose, with reference to the Nordstrom grant in 14, Nordstroms has pledged the property to First ... (Read 29 times)

gbarreiro

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on: Jun 24, 2018
Suppose, with reference to the Nordstrom grant in 14, Nordstroms has pledged the property to First Interstate Bank to secure a 790,000 loan. Discuss what happens to the mortgage if Nordstrom violates the restriction.

Question 2

A check that is postdated ceases to be order paper.
  Indicate whether the statement is true or false


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flannelavenger

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

The owner of a fee simple determinable has full right to pledge title to property but the mortgagee can take no greater interest than the fee simple determinable allows. First Interstate Bank takes subject to this risk and could lose its mortgage interest. Many mortgages have a clause prohibiting the mortgagor from violating the restriction so that it has protection.

Answer to Question 2

TRUE


gbarreiro

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


flannelavenger

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


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