View Full Version : The attorney for bank one records the mortgage at 2:30pm. The attorney for bank two re
TWLIGHT
Nov 23, 2012, 04:50 PM
The attorney for bank one records the mortgage at 2:30pm. The attorney for bank two records its mortgage at 2pm. X corp has defaulted on its loan to both banks. Who gets what?
Curlyben
Nov 24, 2012, 01:27 AM
Depends who sues first.
Fr_Chuck
Nov 24, 2012, 05:17 AM
A property will have at least in the US, only one "1st mortage" it takes preference over a 2nd or 3rd. So where this is happening will make a difference.
AK lawyer
Nov 26, 2012, 05:42 PM
A property will have at least in the US, only one "1st mortage" it takes preference over a 2nd or 3rd. ...
A truism.
The first mortgage recorded (Bank Two) would be the "first mortgage".
But I suspect this is another homework question.