Legal Question in Business Law in Florida
secured transactions review
At a closing at 10 a.m. on May 3, 2005, X corp. delivers $25,000,000 to the seller of a factory using $20, 000,000 from bank One secured by a mortgage on the property, and the attorney for S Corp. records its title to the property at the same time. At 2 p.m. the same day, X corp. grants a mortgage on the same property to Bank Two to secure another $20,000,000 loan. The attorney for bank One records the mortgage at 2:30 p.m. The attorney for Bank Two records its mortgage at 2 p.m. X Corp. defaults on its loan payments to both banks.
Who gets what?
Asked on 5/15/07, 12:21 pm
1 Answer from Attorneys
Johm Smith
tom's
Re: secured transactions review
Good luck on the bar exam!
Answered on 5/15/07, 12:26 pm
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