The buyer must give notice of the action to the seller if a third party In an action by a third party against the buyer that is based on the seller's breach of warranty, the buyer must give notice of the action to the seller.
Indicate whether the statement is true or false
Question 2
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. Assume Derek defaults on his loan, if the property is sold for 200,000 and the mortgage balances are as follows, how much does First Bank get? First - 215,000 Second - 200,000 Third - 272,000
A)200,000
B)195,000
C)One-third of 200,000
D)One-half of 200,000 because Second Bank didn't record
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