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allura23
Jan 27, 2011, 03:53 PM
1.At a closing at 10 a.m. on May 3, 2005, X Corp. delivers $25,000,000 to the seller of a factory using $20,000,000 from Bank One secured by a mortgage on the property, and the attorney for X Corp. records its title to the property at the same time. At 2 p.m. the same day, X Corp. grants a mortgage on the same property to Bank Two to secure another $20,000,000 loan. The attorney for Bank One records the mortgage at 2:30 p.m. The attorney for Bank Two records its mortgage at 2 p.m. X Corp. defaults on its loan payments to both banks.

Who gets what?

pusher465
Feb 6, 2012, 10:17 PM
At a closing at 10 a.m. on May 3, 2005, X Corp. delivers $25,000,000 to the seller of a factory using $20,000,000 from Bank One secured by a mortgage on the property, and the attorney for X Corp. records its title to the property at the same time. At 2 p.m. the same day, X Corp. grants a mortgage on the same property to Bank Two to secure another $20,000,000 loan. The attorney for Bank One records the mortgage at 2:30 p.m. The attorney for Bank Two records its mortgage at 2 p.m. X Corp. defaults on its loan payments to both banks.

Who gets what?

TWLIGHT
Nov 23, 2012, 04:54 PM
At a closing at 10 a.m. on May 3, 2005, X Corp. delivers $25,000,000 to the seller of a factory using $20,000,000 from Bank One secured by a mortgage on the property, and the attorney for X Corp. records its title to the property at the same time. At 2 p.m. the same day, X Corp. grants a mortgage on the same property to Bank Two to secure another $20,000,000 loan. The attorney for Bank One records the mortgage at 2:30 p.m. The attorney for Bank Two records its mortgage at 2 p.m. X Corp. defaults on its loan payments to both banks.

Who gets what? the question was not answered