Which of the following is true of recording a mortgage?
A) A failure to record the first mortgage would remove the obligation of the mortgagor to the first mortgagee.
B) The second mortgagee must know about the first mortgage and is exempted to record the mortgage.
C) If the mortgage is not recorded and a later mortgage is given on the same property,the old mortgage is superior to the second.
D) Recording a mortgage notifies any third party that the mortgagee has an interest in the real property covered by the mortgage.
Correct Answer:
Verified
Q21: A(n)_ occurs when the _.
A)attachment;secured party does
Q22: Iris is looking for a short-term mortgage
Q23: A(n)_ agreement is a written contract which
Q24: An acceleration of the debt:
A)increases the interest
Q25: A(n)_ loan is one in which creditors
Q27: A(n)_ provision in the security agreement allows
Q28: A(n)_ is a transfer of an interest
Q29: Under a _,the mortgagor conveys his or
Q30: A point is a one-time charge equal
Q31: Generally,a security interest is perfected when the:
A)secured
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