Barton Owns a Large Property Called Greenfield Worth $1 Million

question 73

Multiple Choice

Barton owns a large property called Greenfield worth $1 million.On August 24,in order to put his daughter through university,he takes out a loan with Primus Bank for $100 000.Prima registers the mortgage on September 18.On September 16,Barton takes a subsequent mortgage on Greenfield with Nether Bank for $800 000 in order to expand his business.Nether registers on September 17.By November,Greenfield is worth only $700 000.If Nether forecloses on Barton in November,which of the following is likely to happen?

• A)Both parties will be repaid in full.
• B)Primus will be paid in full because the mortgage was created first and Nether will get the remainder.
• C)Neither will be paid in full.
• D)Nether will be paid in full because the mortgage was registered first.
• E)Each party will receive a portion of their mortgage back equivalent to the new value of Greenfield.

---

Definitions:

Ligament

A band of tough, fibrous tissue connecting bones or cartilages, supporting and strengthening joints.

Abbreviation

A brief version of a word or phrase.

Glucocorticoid

A type of steroid hormone that is involved in regulating glucose metabolism, reducing inflammation, and controlling immune responses.

Anti-inflammatory Effects

The actions or effects that reduce inflammation or swelling in the body, often related to medications or natural substances.