First Federal financed the purchase of O's home and recorded a mortgage on September 12, 2020. O decided to build a swimming pool in the backyard. First Interstate loaned O $10,000 for the pool and recorded a mortgage on October 15, 2020. Who has priority?

Question

Quizplus · Accepted Answer

First Federal has priority because it recorded its mortgage first on September 12, 2020, before First Interstate recorded its mortgage on October 15, 2020. Priority is typically determined by the order of recording.

First Federal Financed the Purchase of O's Home and Recorded