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Author Question: If a buyer chooses to cover, the substituted goods purchased must be substantially identical to the ... (Read 49 times)

MGLQZ

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on: Jun 24, 2018
If a buyer chooses to cover, the substituted goods purchased must be substantially identical to the contract goods.
  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. Who is liable on the Second Bank mortgage?
 A)Cynthia
 B)Stanton
 C)Derek
 D)Both b and c


abctaiwan

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

FALSE

Answer to Question 2

B


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