Mortgage debt-bank proceeded to foreclose mortgage

Assignment Help Operation Management
Reference no: EM13964333

1. Arkin, the owner of Redacre, executed a real estate mortgage to the Shawnee Bank and Trust Company for $100,000. After the mortgage was executed and recorded, Arkin constructed a dwelling on the premises and planted a corn crop. After Arkin defaulted in the payment of the mortgage debt, the bank proceeded to foreclose the mortgage. At the time of the foreclosure sale, the corn crop was mature and unharvested. Arkin contends (a) that the value of the dwelling should be credited to him and (b) that he is entitled to the corn crop. Explain whether Arkin is correct.

2. Marcia executed a mortgage of Blackacre to secure her indebtedness to Ajax Savings and Loan Association in the amount of $125,000. Later, Marcia sold Blackacre to Morton. The deed contained the following provision: “This deed is subject to the mortgage executed by the Grantor herein to Ajax Savings and Loan Association.”

The sale price of Blackacre to Morton was $150,000. Morton paid $25,000 in cash, deducting the $125,000 mortgage debt from the purchase price. On default in the payment of the mortgage debt, Ajax brings an action against Marcia and Morton to recover a judgment for the amount of the mortgage debt and to foreclose the mortgage. Can Ajax recover from Marcia and Morton? Please explain.

3.  Clayton and Margie Gulledge owned a house at 532 Somerset Place, N.W. (the Somerset property) as tenants by the entirety. They had three children: Bernis Gulledge, Johnsie Walker, and Marion Watkins. When Margie Gulledge died in 1984, Clayton became the sole owner of the Somerset property. The following year, Clayton remarried, but the marriage was unsuccessful. To avoid a possible loss of the Somerset property, Bernis forwarded Clayton funds to satisfy the second wife’s financial demands. In exchange, Clayton conveyed the property to Bernis and himself as joint tenants. In 2005, Clayton conveyed his interest in the Somerset property to his daughter, Marion Watkins. In 2005, Clayton died. Bernis died in 2011, and Johnsie Walker died in 2011. Marion Watkins claims to be a tenant in common with the estate of Bernis Gulledge. The estate claims that when Clayton died, Watkins’ interest was extinguished, and Bernis became the sole owner of the Somerset property. Who is correct? Please explain.

Reference no: EM13964333

Does enrollment-registration process appear to be in control

A new president of Big State University has made student satisfaction with the enrollment and registration process one of her highest priorities. Students must see an advisor,

Operate in order for the system to perform as intended

A system is composed of two parts which must both operate in order for the system to perform as intended. The parts have reliabilities of .6 and .5. There is an identical back

What would a virtue ethicist and deontologist do

Before the beginning of the soccer season, a high school senior, and her parents, signed a contract which stated that all athletes were to refrain from drinking alcohol for th

Contrast the width and depth of assortment of big box store

Compare and contrast the width and depth of assortment of a big box store (like Wal-mart), a convenience store, a premium food retailer (like Whole Foods) and a category kille

Determine the average number of cakes waiting for a wrapper

Cakes baked by The Charm City Bakery are transported from the ovens to be packaged by one of five wrappers. Each wrapper can wrap an average of 35 cakes per hour. The cakes ar

Explain the cost of quality concept

Explain the cost of quality concept—both the advantages and disadvantages. Discuss how having an effective cost of quality program at suppliers can improve the overall quality

A bank has one drive-up teller

A bank has one drive-up teller. The teller can serve at the rate of 11.5 bank customer in an hour. Customers arrive at the drive-up window on an average every 7.5 minutes. The

Single-period inventory system

Single-Period Inventory System. The restaurant you are working at makes one massive batch of meatballs each day. If you run out before the end of the day, the last few custome


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd