Business, 25.11.2021 14:00 mhurtado143
3. Kelly executed a mortgage to Union Bank to secure an initial loan of $25,000. The mortgage contained a clause that provided: "This loan shall be for the purpose of construction of a dwelling house on the above- described property and shall cover and secure additional advances to be made by mortgagee to mortgagors in total amount not to exceed $145,000." Kelly later received other loans from Union totally $145,000. However, before the additional bank advances were made, several contractors furnished Kelly with materials and labor in building his home and complied with the state’s mechanics lien statute even though Kelly had failed to post a proper notice of commencement as required by the statute. Kelly did not pay the contractors and he defaulted on his bank loan. Union Bank foreclosed on its mortgage and argued that its mortgage, recorded before the contractors furnished their materials and labor, gave it priority. The contractors claimed that Union Bank only had a superior lien for $25,000 and that the remainders of its advances were subject to their mechanics’ liens. Who is correct? Why?
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3. Kelly executed a mortgage to Union Bank to secure an initial loan of $25,000. The mortgage contai...
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