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12 Cards in this Set
- Front
- Back
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Does BFP status matter btw orignal parties to a transaction? |
No.
relevant primarily when examing protection under recording statutes.
not relevant btw original parties, only if subsequent purchaers are involved. |
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what's a BFP? |
pays value, in good faith, without notice of prior conveyance |
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existence and conveyance of marketable title are ________ in land sale contracts |
implied. |
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marketable title and doctrine of merger.
once deed takes effect, the terms of the deed _______ |
control.
important because if a vendor contracts to sell land and later conveys a quitclaim deed, tehre are no covenants associated with teh deed. under doctrine of merger, deed, not K controls |
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equitable servitudes always consider |
notice . . . ie. physical apperance of neighbohood can provide notice that ab uilding restriction exists |
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3 kinds of recording statutes |
pure race pure notice race notice |
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pur race statutes don't require |
good faith (first in time rule) |
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distinguishing pure notice and race notice. wehther or not a subsequent BFP is protected ________ he records his own interest |
before
race notice , not protected until he records but for both, purchaser must have no actual knowedge of prior conveyance |
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RAce notice statute has following language |
"no unrecorded conveyance or mortgage of real property shall be good against subsequent purchasers for value wihtout notice, who shall first recod." |
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most likely to succeed, answer will address |
greatest obstacle to success in the case |
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intervivos grant of class gift, compared to gift in will.
for RAP |
intervivos more likley to offend RAP. |
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Splitting mortgages btw remaindermen and life estate holder |
traditional rule: mortage on prop possesed by life estate holder, life estate holder responsible for interest payments. Remaindermen liable for principa.
godzilla ate box of life cereal, bc had an interest |
