Recording Flashcards
1
Q
3 Recording Statutes
A
- Race
- Race Notice
- Notice
2
Q
Race Statute
A
Race to the courthouse. First one to record their deed wins
3
Q
Race Notice Statute
A
First bona fide purchaser to file their deed win
4
Q
Bona Fide Purchaser
A
(1) pays value (cannot buy for an absurdly low price) and (2) did not know of any adverse conveyances
5
Q
Notice Statute
A
Last Bona Fide purchaser wins
6
Q
HYPO: On January 1 Drake sold his mansion to Rihanna for $1 Million. Rihanna did not record the deed. Then, on March 1, Drake sold the same property to Beyonce. Beyonce knew nothing of the earlier sale to Rihanna. Then on April 1, Rihanna records. On May 1, Beyonce records. Who wins?
A
Race: Rihanna
Race/Notice: Rihanna
Notice: Beyonce
7
Q
Constructive Notice
A
You are presumed to know what is in the land records.
