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    TWLIGHT's Avatar
    TWLIGHT Posts: 2, Reputation: 1
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    #1

    Nov 23, 2012, 04:50 PM
    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?
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Nov 24, 2012, 01:27 AM
    Depends who sues first.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    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's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Nov 26, 2012, 05:42 PM
    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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