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Econ 189-Assignment#2

Econ 189-Assignment#2 - Econ 189 Schneider...

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Econ 189 Schneider Property-Assignment #2 Part 1 : 1. B- Knox Bank has second priority because it has priority over Heath Finance because Knox recorded its mortgage while even though the Heath Finance took place earlier, it was not recorded so Knox has priority. However, it does not have priority over Fair Bank because Fair Bank took place earlier and was recorded earlier. 2. C- Heath Finance has third priority because even though it took place at an earlier date than Knox Bank, it does not have priority since mortgages recorded have priority over mortgages not recorded. 3. A- Fair Bank has first priority over Heath Finance and Knox Bank because it was recorded first and occurred prior to the other two. Therefore, this gives it priority first. Part 2 : 4. B- Recorded Mortgage has priority over any unrecorded mortgage. Since Fair Bank was recorded prior to Knox Bank, then Fair Bank has priority over Knox Bank. 5. D- An unrecorded mortgage has priority over a subsequently recorded mortgage if the subsequent mortgage knew of the unrecorded mortgage.
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