Priorities Flashcards
1
Q
Recording
A
A creditor must properly record to have priority
2
Q
FITFIR
A
First in Time First In Right (Exception) Purchase money Mortgage
3
Q
Purchase Money Mortgage
A
A mortgage given to secure a loan that ENABLES the debtor to acquire encumbered land
RECEIVES SUPERPRIORITY
4
Q
Subordination
A
Agreement to subordinate a claim to another VALID