Which term describes a class of stimulant drugs that includes amphetamine sulfate and all of its drug derivatives?
The owner in fee simple of a tract of land sold it to a farm…
The owner in fee simple of a tract of land sold it to a farmer for $850,000. To finance the purchase, the farmer obtained a mortgage loan from a financing company for $600,000. The deed from the owner to the farmer was promptly and properly recorded, but due to an oversight the mortgage from the financing company was not immediately recorded. A few months later, the farmer approached the financing company about getting a second mortgage. The financing company turned him down, so he contacted a bank. Not having knowledge of the previous mortgage on the property, the bank agreed to loan the farmer $300,000 secured by a mortgage on the land, which it promptly and properly recorded. One day later, the financing company, having discovered that its original mortgage had not been recorded, properly recorded it. The jurisdiction’s recording statute provides: “Any conveyance or mortgage of an interest in land, other than a lease for less than a year, shall not be valid against any subsequent purchaser for value, without notice thereof, whose conveyance is first recorded.” The farmer struggled to keep up with his mortgage payments, and finally stopped making payments altogether on both mortgages. The bank began foreclosure proceedings, but did not include the financing company as a party. At the foreclosure sale, a buyer purchased the land, having no actual knowledge of the mortgage with the financing company. Soon after, the financing company declared its loan in default and sought to foreclose on the land. May the financing company foreclose against the buyer?
Which term accurately describes an abnormal condition in whi…
Which term accurately describes an abnormal condition in which the heart cannot pump enough blood to keep up with the body’s demand?
An owner of a parcel of land instructed his lawyer to draw u…
An owner of a parcel of land instructed his lawyer to draw up an instrument deeding the land to his friend’s “nieces.” The owner acknowledged the deed before a notary and signed it. As directed by the owner, the lawyer recorded the deed and then returned it to the owner. The owner put the deed in the drawer of his desk, intending to present it to the friend’s nieces when they came to visit him next month. The following week, however, the owner died, leaving his daughter as his sole heir at law. The daughter discovered the deed to the land in the owner’s desk. She filed an appropriate action to quiet title in the land, naming the friend’s only two nieces as defendants. The only evidence presented at the trial was the deed itself, the evidence of recordation, and the lawyer’s testimony regarding the owner’s intent. Who should the court rule owns the land?
A photographer borrowed $100,000 from a bank, secured by a m…
A photographer borrowed $100,000 from a bank, secured by a mortgage on his home, to build a studio and darkroom in the home. The bank properly recorded the mortgage. After completing this project, the photographer decided to remodel his kitchen and borrowed $25,000 from a lending company, also securing the loan with a mortgage on his home. The lending company did not record its mortgage. After the remodeling was complete, the photographer borrowed $15,000 from an investor, secured by a mortgage on his home, to redo his in-ground pool. Learning of this transaction, the lending company raced to the recording office and recorded its mortgage. The next day, the investor recorded its mortgage. A few months later, the photographer defaulted on all three mortgages, having not made any principal payments. The lending company brought a foreclosure action, joining the investor in the proceeding. The foreclosure sale resulted in $150,000 in proceeds after all expenses and fees were paid. A statute of the jurisdiction in which the photographer’s home is located provides: “Any conveyance of an interest in land shall not be valid against any subsequent purchaser for value, without notice thereof, unless the conveyance is recorded.” Which of the following statements is true?
In most jurisdictions, which of the following statements is…
In most jurisdictions, which of the following statements is incorrect?
A vendor sold his house and lot to a vendee for $60,000 by a…
A vendor sold his house and lot to a vendee for $60,000 by a written agreement that called for a $10,000 down payment and $10,000 a month on the first of each month thereafter until the balance was paid. The vendee made the down payment and first month’s payment on time. He made the second and third months’ payments on the 15th of each month, skipped the fourth month entirely, and resumed payments on the 5th of the fifth month. The following week, the vendor filed an unlawful detainer action to have the vendee ousted and the contract forfeited. Who is likely to prevail?
A seller entered into a written contract with a vintner on A…
A seller entered into a written contract with a vintner on April 4, whereby the seller agreed to convey a vineyard to the vintner for $2 million. The terms of the contract set the closing date as June 1. At the time the seller entered into the agreement with the vintner, the seller had no interest in the vineyard. On April 15, the seller entered into a written agreement with a landowner, whom the seller believed to be the owner of the vineyard. According to the terms of the agreement, the landowner was to convey the vineyard to the seller on or before May 25. Another term of the agreement stated “time is of the essence.” On May 24, the landowner conveyed his interest in the vineyard to the seller. When the seller went to record the deed, she discovered from records in the recorder’s office that the landowner held clear title to only seven-eighths of the vineyard. It took some time for the seller to remove the cloud from the title and procure ownership in full of the vineyard. She finally did so on August 1, and on that day she tendered a warranty deed to the vineyard to the vintner. The vintner refused to tender $2 million or any other sum to the seller, asserting that the seller had broken her agreement by failing to close on June 1. The seller then sued the vintner for specific performance. If the vintner prevails, what is the likely reason?
Which term describes an increase in the force of contraction…
Which term describes an increase in the force of contraction of the heart muscle?
A landlord owned an apartment building. Needing money to mak…
A landlord owned an apartment building. Needing money to make some repairs and improvements, he went to a bank and applied for a loan. The bank loaned the landlord $100,000, secured by a mortgage on the apartment building. Last month, the landlord defaulted on his mortgage payments. The bank instituted foreclosure proceedings and wishes to take possession of the apartment building in order to collect the rents from the property. Does the bank have the right to take possession of the apartment building before foreclosure?