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Author Question: Mr. Hoo granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 ... (Read 55 times)

karlynnae

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on: Aug 7, 2021
Mr. Hoo granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 000 and a second mortgage to Hong Kong Bank as security for a loan of $25 000. Which of the following statements is false?
◦ Hoo has given the fee simple interest in his property to Vancouver Trust; he has given Hong Kong Bank only his equity of redemption.
◦ If Hoo were to default on his first mortgage and the property was sold under court order, the proceeds from that sale would go first to Vancouver Trust, second to Hong Kong Bank, and the remainder, if any, to Hoo.
◦ If Hoo were to default on his first mortgage, his creditors could ask that the court order the property to be sold to avoid foreclosure.
◦ If Hoo were to default on his second mortgage only and the second mortgagee foreclosed, then the first mortgagee and Hoo himself would lose their interests in the property.
◦ If Hoo were to default on his first mortgage, Vancouver Trust could start the foreclosure process.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by karlynnae on Aug 7, 2021

olderstudent

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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karlynnae

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Reply 2 on: Aug 7, 2021
Thanks for the timely response, appreciate it

pratush dev

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Reply 3 on: Yesterday
Wow, this really help

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