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George owns an acre of land and severs, or divides, it into building lots. Before George can build ...

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George owns an acre of land and severs, or divides, it into building lots. Before George can build ...

George owns an acre of land and severs, or divides, it into building lots. Before George can build on the lots he requires money to finance the construction costs, so he goes to his bank and gets first mortgage financing in the amount of $1.5 million and the bank registers the mortgage on all the building lots. If George finishes construction on one building lot, sells it, and pays down the bank's mortgage, the bank will give George
a. a complete assignment of the mortgage.
b. a complete discharge of the mortgage.
c. a partial assignment of the mortgage.
d. a reconveyance of legal title to all the lots.
e. a partial discharge of the mortgage.

Textbook

The Law and Business Administration in Canada

Edition: 14^th

Authors: Smyth, Soberman, Easson, McGill

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