Thursday, May 13, 2010

I am looking forward to this...

"A rancher, being owner in fee simple of a ranch, conveyed the property by warranty deed to a woman. The woman gave her niece a mortgage on the ranch to secure a loan from the niece to the woman in the amount of $500,000. The mortgage was recorded immediately. Two years later, the woman conveyed the ranch to a farmer by quitclaim deed. The woman then defaulted on the mortgage, and the niece brought an in personam action against the farmer to recover the amount of the mortgage due. Assume the woman's quitclaim deed to the farmer made no reference to the mortgage. The mortgagee will probably: [(A), (B), (C), (D).]"


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