Power of sale possessed as pledgee or mortgagee

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Reference no: EM132183226

A prominent musician had an income tax lien that was not paid. The revenue service decided to settle the liabilities of the artist by auctioning his property to public. The auction was held by the district administrative officer. Which of the following statements is true with regard to this scenario?

This is a case of constructive notice where the law presumes everyone knows of the lien by virtue of the fact that it is filed or recorded on the public record. Hence, warranty against encumbrance does not arise in this case.

Warranty of title exists when the seller makes the sale by virtue of a power of a sale possessed as a pledgee or mortgagee.

A warranty of title is excluded or modified, since in this case, the buyer has reason to know that the seller does not claim title or that the seller is purporting to sell only such right or title as the seller or a third person may have.

Warranty of title exists in this scenario as the seller makes the sale in a representative capacity.

Reference no: EM132183226

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