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Home Q & A Board Humanities Legal Studies
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rvalen98 rvalen98
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6 years ago
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. In a race-notice state, which mortgage company has priority?
 A)First Bank
 B)Second Bank
 C)Third Bank
 D)Impossible to tell from facts given
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nobutoharanobutohara
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rvalen98 Author
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6 years ago
Thanks for your help!
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