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14 Cards in this Set

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II. TITLE ASSURANCE
Describe generally: TITLE ASSURANCE –
II. TITLE ASSURANCE – Title assurance by title search. Buyer needs to be concerned if the seller of B/A really owns it. This is all about the seller who had no title. Also talking about the person who grants B/A twice (honestly or dishonestly).
The person who grants B/A twice – at common law, as between successive grantees, priority of title was, and is, determined by ____.... Can only give away something once. a) One exception – ______....
1. The person who grants B/A twice – at common law, as between successive grantees, priority of title was, and is, determined by priority in time of conveyance – “First in time is first in right”. Can only give away something once. a) One exception – in equity a subsequent legal interest transferred to a BFPFV (bona fide purchaser for value) would take precedence over a prior equity (1) B would take precedence if As grant was in equity and Bs subsequent grant was legal and B was a BFPFV b) BFPFV is someone who didn’t know (BF) and parted w/value (FV). (1) If A had an equitable servitude and B bought the fee to B/A w/o knowledge of A’s grant, B would win at C/L (even though A was first in time).
Define: BFPFV
bona fide purchaser for value)
Recording acts broadened the _____ doctrine – therefore under the recording acts a subsequent _____ is _____. (and give an illustration about what this means)
2. Recording acts broadened the BFPFV doctrine – therefore under the recording acts a subsequent BFPFV is protected against prior unrecorded interests a) Would be purchaser searches the records for prior grants because the law will deem him to have “constructive notice” of prior grants on record even if he didn’t see them. (1) This makes a buyer want to record, to put any subsequent grantees on constructive notice too.
First in time is first in right UNLESS
3. First in time is first in right UNLESS a) First in time is in equity and second in time is legal in a BFPFV or b) The recording act sets aside “first in time is first in right”.
Indexes – 2 kinds = ??? How far back to search?
B. Indexes – 2 kinds 1. Grantor-grantee index – 2. Tract index – 3. How far back to search? – not ordinarily limited to the SOL, depends on the Jx. (60 years).
Define: Grantor-grantee index – (& what is a grantee index and grantor index?)
1. Grantor-grantee index – separate indexes kept for grantors and grantees. a) Grantor index – all instruments under grantor’s surname b) Grantee index – all instruments under grantee’s surname
Define: Tract index – use a particular number assigned to particular tract
Tract index – use a particular number assigned to particular tract a) Not available in most states
Luthi v. Evans – O sells 8 gas leases to International tours (A). O then conveys same #8 to Burris (B). In the lease to A, 1-7 are specifically described and then they threw in the rest of the leases (Mother Hubbard deed – whatever is in the cupboard). B and A are fighting over the lease to #8. \\\4. At C/L – 5. B won the case, why? 7. Policy reasons – for taking #8 away from A and giving it to B a) Fault - b) Fairness - (1) “Let the devil take the hindmost” – dummies get eaten c) Commerce – want commerce to ??
4. At C/L – A wins because they were first in time. 5. B won the case, why? He was a BFPFV a) There was a recording act – B had no actual or constructive notice. 6. No constructive notice – (there was no actual notice given) a) B made a record search and didn’t find #8 (Mother Hubbard grant). Can’t impute that knowledge to him. b) Court says that any further search would be too burdensome on commerce. 7. Policy reasons – for taking #8 away from A and giving it to B a) Fault - Easier for A to remedy the problem (1) Should have made O describe ALL the leases in the deed. File an affidavit of facts and put it in records. b) Fairness - A is the least cost avoider (cheapest) – put the burden of avoiding the problem on the person who it costs the least (1) “Let the devil take the hindmost” – dummies get eaten c) Commerce – want commerce to thrive. We want people to feel safe when they do the right thing. (1) To encourage people to save their money and encourage investment in real estate
Government Survey – way of _____?
C. Government Survey – way of describing land
Customary ways to describe land include _____, ______, _______
1. Customary ways to describe land include a) Metes and Bounds (1) Refers to natural monuments (trees, boulder) (2) Refers to artificial monuments (surveyor’s post, edge of highway) (3) Refers to directions and distances from a starting point b) Reference to the record (1) Government survey (2) Recorded plat (map) (3) Some other record (e.g., probate) c) Reference to the street and number, or the name of the property (The Brown Farm) (1) Often, more than one of these will be used
When doing governmental survey: a) Range – ____ to ___ b) Township – ___ to ____
2. When doing governmental survey: a) Range – East to West b) Township – North to south
Orr v. Byers – Orr obtained judgment against Elliott. Orr’s attorney used “Elliot”. Judgment was misspelled. Elliott got title to property which Orr put a lien on. When E sold the property to Byers, the title search failed to show the lien. Orr got no money. \\\\ 3. Orr is first in time because_____ 4. Was Byers a BFPFV?(1) Actual - (2) Constructive – 5. Fault – 6. NOTE – Orr’s lien is an WHAT?? 7. CA does not subscribe to the doctrine of idem sonans – “sounds the same” – Orr is claiming this – Elliott should be same as Eliot.
3. Orr is first in time because his lien attached to B/A when E bought it. Byers is saying it wasn’t recorded properly and he should be the owner. He claims the protection of the recording act 4. Was Byers a BFPFV? a) Parted w/ value – usually easily satisfied b) Bona fide – did he have knowledge of lien? (1) Actual - NO (2) Constructive – NO – Elliott is not Elliot is not Eliot. 5. Fault – This is more Orr’s fault – his lawyer made the misspelling. 6. NOTE – Orr’s lien is an equity! a) At C/L – First in time is first in right except (1) If the first in time is in equity and the second in time is legal in a BFPFV or (2) Recording act sets aside the C/L rule (a) Orr would have lost under both (he was first in time, but w/an equity). 7. CA does not subscribe to the doctrine of idem sonans – “sounds the same” – Orr is claiming this – Elliott should be same as Eliot.