Exam (elaborations)
BLAW 3314 Exam 2 Detailed Questions and Expert Answers
- Course
- BLAW 3314
- Institution
- University Of Texas - Arlington
BLAW 3314 Exam 2 Detailed Questions and Expert Answers
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BLAW 3314 Exam 2 Detailed Questions and ExpertAnswers
ACTUAL NOTICE - ANS you know something because a credible source told you;
"actual knowledge"
INQUIRE NOTICE - ANS when there're suspicious circumstances that cause you to
inquire (someone has been on the land, you ask why they're there) "if inquired
into, it would product actual knowledge of the prior transfer"
CONSTRUCTIVE NOTICE - ANS notice given by the prior transfer's recording in
public title records so that the subsequent buyer, conducting a search, would gain
actual knowledge of the transfer
First in Time Rule (Before Recording Statutes) - ANS if you have credible evidence
to prove you were first in time (before recording statutes), then you win
What if something is recorded, but you don't go look at it? - ANS you still have
knowledge of it
Race - ANS if you record first, you win. Even over an adverse possessor
Race-Notice - ANS Brutal. If you don't have notice, you're ENTITLED TO RACE; B
hasn't recorded, B takes w/o notice, B finds out about A's deed, A gets to the
courthouse first and records. | If B has no notice and records first, then B wins.
, Grantor-Grantee Index - ANS alphabetical order; instruments indexed under name
of granting party on appropriate page
Tract Index - ANS EASIER TO USE; all instruments which affect title to particular
parcel of realty are noted on ONE page of the index
Torrens System - ANS Party who wants to register ownership interest in property
applies for ownership, where the court converts it from abstract property to
Torrens. Owner then gets certificate of title. Aims to simplify conveyance and
increase efficiency
Mortgage - ANS like a deed; conveyance of INTEREST, NOT TITLE; must be in
WRITING
Mortgages: What does the creditor receive? - ANS they receive a SECURITY
INTEREST, not an actual conveyance in the property
Equitable Mortgage - ANS where A gives what appears as a deed to B, BUT behind
that is what is a loan; remedy for A: A can assert that it was an equitable mortgage
Notes - ANS usually accompanied by a mortgage; the mortgage makes the note
more valuable
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