Randall Initially Owned a Piece of Land Called Blackacre That

question 6

Multiple Choice

Randall initially owned a piece of land called Blackacre that was worth $400 000.He borrowed $200 000 from Keir and created a mortgage over Blackacre in favour of Keir.Randall then borrowed $100 000 from Ian and created a mortgage over Blackacre in favour of Ian.Randall has not repaid any part of either debt.Because of a recession,the value of Blackacre has dropped to $90 000.Which of the following statements is TRUE?

• A)It is possible that Ian will be treated as the initial mortgagee and that Keir will be treated as the subsequent mortgagee if the mortgagees entered into a priority agreement or if they registered in the sequence of Ian then Keir in a land title system.
• B)Keir must be treated as the initial mortgagor and Ian may be treated as the subsequent mortgagor.
• C)If Blackacre is sold for $90 000 because Randall is in default under the mortgages,Keir will receive $60 000 and Ian will receive $30 000,because Randall owes Keir twice as much as Ian.
• D)Ian still has some equity in his property so he should be able to find another mortgage lender to lend as a third mortgagee.
• E)By granting two mortgages over the same property,Randall has committed mortgage fraud.

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