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-   -   The attorney for bank one records the mortgage at 2:30pm. The attorney for bank two re (https://www.askmehelpdesk.com/showthread.php?t=718692)

  • Nov 23, 2012, 04:50 PM
    TWLIGHT
    The attorney for bank one records the mortgage at 2:30pm. The attorney for bank two re
    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?
  • Nov 24, 2012, 01:27 AM
    Curlyben
    Depends who sues first.
  • Nov 24, 2012, 05:17 AM
    Fr_Chuck
    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.
  • Nov 26, 2012, 05:42 PM
    AK lawyer
    Quote:

    Originally Posted by Fr_Chuck
    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.

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