Herschel borrowed $500 000 from Minah.As security for the repayment of that loan,a mortgage was created over a piece of land called Blackacre.Which of the following statements is TRUE?

Question

Quizplus · Accepted Answer

If the mortgage created a charge on Blackacre, then it must have been located in a land titles system. This is because the concept of a charge only applies to land titles, not registry systems. The other options are not necessarily true - A) Herschel may or may not be required to pay interest on the primary debt depending on the agreement with Minah, B) it is not specified whether Herschel owned Blackacre at the outset, D) Herschel may have borrowed the money for other purposes, and E) the time limit for registration of mortgages in a registry system varies by jurisdiction and is not necessarily three years.

Herschel Borrowed $500 000 from Minah