Use the Fact Situation in Q1 to Answer the Related

question 44

Multiple Choice

Use the fact situation in Q1 to answer the related question that follows. Based on the date and time of registration of the Royal Bank and the TD Canada Trust mortgages,if George defaults in payment of the Royal Bank mortgage,

• A)the Royal Bank can sell George's house,but must pay off TD Canada Trust out of the sale proceeds.
• B)the Royal Bank can sell George's house and can keep the sale proceeds.
• C)TD Canada Trust can sell George's house,but must first pay off the Royal Bank out of the sale proceeds.
• D)there is a corresponding default in the TD Canada Trust mortgage and TD Canada Trust can sell George's house.
• E)the Royal Bank cannot sell George's house unless TD Canada Trust consents.

---

Definitions:

Post-secondary Education

Education that takes place after high school, including college, university, and vocational training.

Trust Fund

A fund comprised of assets, such as stocks, bonds, property, or cash, held in a trust and managed by a trustee for the benefit of someone else.

Monthly Payments

Regular amounts paid monthly to amortize a debt or loan over a set period.

Monthly Payment

A fixed amount of money paid each month for a loan or mortgage over a set term.