Where a Mortgagor Sells Property That He or She Has

question 18

True/False

Where a mortgagor sells property that he or she has mortgaged, in the absence of an agreement to the contrary, he or she will remain liable for payment of the mortgage.

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Definitions:

Fiduciary

An individual or organization that acts on behalf of another person or persons, putting their clients' interest ahead of their own, with a duty to preserve good faith and trust.

Utmost Loyalty

The highest level of faithfulness and allegiance one can show to another party, often used in contexts involving organizational, professional, or personal relationships.

Good Faith

The genuine desire to remain equitable, transparent, and truthful, no matter what the result of the engagement is.

Duty To Obey

The legal or ethical obligation to follow lawful orders, commands, or instructions from authority figures or entities.