Carla wants to buy Cheersacre. However, she does not have the $400,000 that Rebecca, the owner of Cheersacre is demanding. So, she borrows $400,000 from Sam and uses Cheersacre as collateral for the loan. Sam is the...

Carla wants to buy Cheersacre. However, she does not have the $400,000 that Rebecca, the owner of Cheersacre is demanding. So, she borrows $400,000 from Sam and uses Cheersacre as collateral for the loan. The mortgage involved is a "purchase money mortgage."

Red and White are joint tenants in Blueacre. Red wants to borrow $100,000 from First National Bank to take a vacation around the World. However, First National insists on some collateral for the loan. So, Red gives First National a mortgage on his interest in Blueacre. Does this break up the joint tenancy in Blueacre between Red and White?

An equitable mortgage will be inferred when...

A mortgagee holds which of the following rights in mortgaged property?

Fred takes out a mortgage of $200,000 on Blackacre from Acme Bank. Acme assigns the mortgage to Bloomer Bank for valid consideration. Fred claims that he signed the mortgage note when he was a minor. Can he use that defense against a repossession action by Bloomer?

Fred takes out a mortgage of $200,000 on Blackacre from Acme Bank. Acme assigns the mortgage to Bloomer Bank for valid consideration. Fred claims that the terms of the mortgage note are unconscionable. Can he use that defense against a repossession action by Bloomer?

Fred takes out a mortgage of $200,000 on Blackacre from Acme Bank on April 1, 2003. The mortgage is not recorded right away. On May 1, 2003, Fred sells Blackacre to Barney. Barney records his deed on May 2, 2003. Finally, on May 15, 2003, Acme records its mortgage. Is Blackacre still subject to Acme's mortgage?

Fred takes out a mortgage of $200,000 on Blackacre from Acme Bank on April 1, 2003. The mortgage is not recorded right away. On May 1, 2003, Fred sells Blackacre to Barney. On May 15, 2003, Acme records its mortgage. On May 20, Barney records his deed. Is Blackacre still subject to Acme's mortgage?

Donald owns Trumpacre. First Bank holds a mortgage on Trumpacre of $300,000 that is dated January 1, 1999. Second Bank holds a mortgage on Trumpacre of $100,000 that is dated January 1, 2000. Third Bank holds a mortgage on Trumpacre of $500,000 that is dated January 1, 2001. Fourth Bank holds a mortgage on Trumpacre of $200,000 that is dated January 1, 2002.If Third brings a foreclosure action and Trumpacre is sold for $500,000 after costs, how much of that will Third receive?

Donald owns Trumpacre. First Bank holds a mortgage on Trumpacre of $300,000 that is dated January 1, 1999. Second Bank holds a mortgage on Trumpacre of $100,000 that is dated January 1, 2000. Third Bank holds a mortgage on Trumpacre of $500,000 that is dated January 1, 2001. Fourth Bank holds a mortgage on Trumpacre of $200,000 that is dated January 1, 2002.If Third brings a foreclosure action and Trumpacre is sold for $700,000 after costs, how much of that will First receive?

Donald owns Trumpacre. First Bank holds a mortgage on Trumpacre of $300,000 that is dated January 1, 1999. Second Bank holds a mortgage on Trumpacre of $100,000 that is dated January 1, 2000. Third Bank holds a mortgage on Trumpacre of $500,000 that is dated January 1, 2001. Fourth Bank holds a mortgage on Trumpacre of $200,000 that is dated January 1, 2002.If Third brings a foreclosure action and Trumpacre is sold for $600,000 after costs, how much of that will Fourth receive?

Donald owns Trumpacre. First Bank holds a mortgage on Trumpacre of $300,000 that is dated January 1, 1999. Second Bank holds a mortgage on Trumpacre of $100,000 that is dated January 1, 2000. Third Bank holds a mortgage on Trumpacre of $500,000 that is dated January 1, 2001. Fourth Bank holds a mortgage on Trumpacre of $200,000 that is dated January 1, 2002.If Third brings a foreclosure action and Trumpacre is sold at the foreclosure sale, will Second's mortgage on Trumpacre be extinguished?

Donald owns Trumpacre. First Bank holds a mortgage on Trumpacre of $300,000 that is dated January 1, 1999. Second Bank holds a mortgage on Trumpacre of $100,000 that is dated January 1, 2000. Third Bank holds a mortgage on Trumpacre of $500,000 that is dated January 1, 2001. Fourth Bank holds a mortgage on Trumpacre of $200,000 that is dated January 1, 2002.If Third brings a foreclosure action and Trumpacre is sold for $800,000 after costs, how much of that will Donald receive?

Donald owns Trumpacre. First Bank holds a mortgage on Trumpacre of $300,000 that is dated January 1, 1999. Second Bank holds a mortgage on Trumpacre of $100,000 that is dated January 1, 2000. Third Bank holds a mortgage on Trumpacre of $500,000 that is dated January 1, 2001. Fourth Bank holds a mortgage on Trumpacre of $200,000 that is dated January 1, 2002.First brings the foreclosure action and Trumpacre is sold for $500,000 after costs. Will Fourth's mortgage become extinguished?