The statute of limitations for breach of a sales contract:
A) may be reduced between merchants to one year.
B)may be expanded by the buyer and the seller to six years.
C) begins to run from the signing of the contract.
D) always requires a notice to the seller to activate the statute.
Question 2
Zack Peyton borrowed 398,000 from Fifth First Bank to purchase a new home. Zack gave First Bank a mortgage on his home. The mortgage was recorded on January 3, 2014. Zack had made a down payment of 42,000. When Zack moved in, he purchased an in-ground swimming pool from Paddock Pools for 35,000. Zack paid Paddock 4,000 and Paddock financed the remaining amount for him, recording a mortgage for 29,000 on February 26, 2014. Zack needed window coverings, landscape, and some new furniture. Wells Fargo gave Zack a 150,000 home equity line of credit, secured by a mortgage on Zack's home for 150,000. Wells Fargo recorded the home equity credit line mortgage on February 1, 2014. Zack, because of a bonus at work, did not draw on the line of credit until June 10, 2015, using 25,000. The economy went south somewhere around September 2015. The value of Zack's home dropped by almost 50. Zack lost his job. He could no longer make his payments. Fifth First Bank served Zack with a notice of foreclosure on November 1, 2015. Suppose that there is a foreclosure on Zack's home. Suppose further that the sale of the home brings 220,000. How will the proceeds be distributed?
A)220,000 to Fifth First Bank
B)Pro rata shares computed using the total amount of debt of 452,000 as the denominator, each creditor's debt as the numerator with that ratio applied against the 220,000
C)29,000 to Paddock and the remainder allocated pro rata between Fifth First and Wells Fargo
D)29,000 to Paddock and the remainder to Fifth First
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