This topic contains a solution. Click here to go to the answer

Author Question: The buyer must give notice of the action to the seller if a third party In an action by a third ... (Read 100 times)

futuristic

  • Hero Member
  • *****
  • Posts: 638
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



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

macmac

  • Sr. Member
  • ****
  • Posts: 343
Answer to Question 1

FALSE

Answer to Question 2

A





 

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

Anti-aging claims should not ever be believed. There is no supplement, medication, or any other substance that has been proven to slow or stop the aging process.

For a complete list of videos, visit our video library