Wally Kramer, Saskatchewan farmer, wished to buy an additional 160 acres, but didn't have the money. He borrowed it from his uncle Chester and gave Chestera mortgage on the addition
Chester didn't have legal advice and neglected to register the mortgage. Wally found the mortgage payments too much for him, so he sold the new land to his neighbour, Phil Hazel. Phil registered the deed. Can Chester now enforce the mortgage against Phil?
A) Yes, a mortgage runs with the land.
B) Yes, the mortgage was in writing and dated before the deed
C) No, Chester's mortgage was not registered
D) Yes, Phil had constructive notice of the mortgage.
E) both A and B
C
You might also like to view...
For the data given above, calculate the forecast value for the year 2006
A) approximately 5,699 units B) approximately 5,322 units C) approximately 4,945 units D) approximately 6,453 units
Nanny McPhee, the owner and manager of Nanny's Roasted Chicken Company, replaced the company's convection ovens just six months ago
Today, Green Valley Oven Manufacturing announced the availability of a new convection oven that cooks much more quickly with lower operating expenses. Nanny is considering the purchase of this faster, lower-operating cost, convection oven to replace the existing one they recently purchased. Selected information about the two ovens is given below: Existing New Turbo Oven Original cost $120,000 $100,000 Accumulated depreciation $ 10,000 --- Current salvage value $80,000 --- Remaining life 10 years 10 years Annual operating expenses $20,000 $15,000 Disposal value in 10 years $ 0 $ 0 Required: a. What costs are sunk? b. What costs are relevant? c. What are the net cash flows over the next 10 years assuming that Nanny purchases the new convection oven? d. What other factors should Nanny consider when making this decision?