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10 Cards in this Set

  • Front
  • Back
H. Value
Value -What is the main question in this section?
H. Value - What is it and when do you have to pay it to get protection of act?
Recording act applies to _____ – all states require parting w/value – only some require “bona-fideness”. a) B who is a donee, heir, who is second in time, never wins against ____. He hasn’t parted w/ value. BUT ___ may be able to transfer title to ____ (BFPFV)
1. Recording act applies to BFPFV – all states require parting w/value – only some require “bona-fideness”.a) B who is a donee, heir, who is second in time, never wins against A. He hasn’t parted w/ value. BUT B may be able to transfer title to C (BFPFV)
Value has to be ______ not mere K _____ a) Value need not be _____ _____ (amount differs state to state)
2. Value has to be substantial, not mere K consideration a) Value need not be market value (amount differs state to state)
One must part w/_____ in ______ on the ______. We only protect folks who rely on the record (fostering commerce)
3. One must part w/value in reliance on the record. We only protect folks who rely on the record (fostering commerce)
If one parts w/_____ in _____, each payment of _____ must be paid as a ______ in _____ on the record, if you want protection. a) Must look at the record each time you make a payment – not enough that transaction was rational upon first payment
4. If one parts w/value in pieces, each payment of value must be paid as a BFPFV in reliance on the record, if you want protection. a) Must look at the record each time you make a payment – not enough that transaction was rational upon first payment
What to do when B (subsequent purchaser) has paid part of the price before that purchaser receives notice of prior claim and realizes there’s trouble? 3 solutions:
a) Give land to A if she reimburses B – this is the usual solution b) Split land between A and B based on amt. paid by B - never c) Give land to B but make B pay rest of money to A rather than O – this is fairest, gives B the benefit of his bargain.
I. INQUIRY NOTICE – 3 kinds of notice (what are the 3 kinds of notice?) Which one is constructive?
1. Actual, Record, Inquiry a) Record and Inquiry are forms of constructive notice
People are deemed to know of deeds that are:
a) On the record and those that b) You would have learned if you would have inquired (1) Wording in the deed (2) X family in O family’s house (3) Why are all houses in neighborhood exactly the same?
Harper v. Paradise – (O) mother to daughter in law (A). Deed gets lost and O dies w/o will. Heirs of O re-grant B/A to A w/quitclaim deed. A gets loan from X and puts B/A up for collateral. B defaulted, and X foreclosed and got a sheriff’s deed. Then B/A descends to Paradise (B). 3. Who wins a) C/L – b) Recording act –
3. Who wins a) C/L – A – she is first in time. B makes adverse possession claim. B loses because SOL doesn’t begin to run until A dies. They only adversely possessed A’s life estate. b) Recording act – A wins. B is not BFPFV. B was supposed to inquire what was in the second deed that A got from heirs. They would have learned (in theory) that there were issues w/B/A and about the prior grant.