In Case of Default,the Second Mortgage Lender Is Paid Before

question 208

True/False

In case of default,the second mortgage lender is paid before the first mortgage is satisfied.

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Definitions:

Deferred Revenue

Deferred revenue is income a company has received for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet until the obligation is fulfilled.

Accounts Receivables

Money owed to a business by its clients for goods or services delivered but not yet paid for.

Insurance

A contractual arrangement where one party, the insurer, compensates another party, the insured, for losses from specific events or dangers.

Accounts Receivable

Money owed by customers to a company for goods or services that have been delivered or used but not yet paid for.