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?
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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?
Depends who sues first.
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.
A truism.Quote:
Originally Posted by Fr_Chuck
The first mortgage recorded (Bank Two) would be the "first mortgage".
But I suspect this is another homework question.
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