Discuss the following:
1. Priorities - What is the general rule regarding priorities for the right to repossess goods encumbered by a security interest when there are competing creditors clamoring for that right? Does this make sense to you?
2.Uses, History, and Creation of Mortgages - What role did the right of redemption play in courts of equity changing the substance of a mortgage from an actual transfer of title to the mortgagee to a mere lien on the property?
3.Estates - Identify the types of estates being discussed in the following situations:
a. Lady Gaga grants her five-thousand-acre ranch “to my screen idol, Tilda Swinton.”
b. Mr. Warbucks conveys a tract of land “to Miss Florence Nightingale, for the purpose of operating her hospital and for no other purpose. Conveyance to be good as long as hospital remains on the property.”
4.The General Nature of Personal Property - Harriet finds a wallet in the college library, among the stacks of books. The wallet has $140 in it, but no credit cards or identification. The library has a lost and found at the circulation desk, and the people at the circulation desk are honest and reliable. The wallet itself is unique enough to be identified by its owner. (a) Who owns the wallet and its contents? (b) As a matter of ethics, should Harriet keep the money if the wallet is “legally” hers?
5.Brokers, Contracts, Proof of Title, and Closing - Kitty Korniotis is a licensed real estate broker. Barney Woodard and his wife, Carol, sign an exclusive agency listing with Kitty to sell their house on Woodvale Avenue. At a social gathering, Carol mentions to a friend, Helen Nearing, that the house on Woodvale is for sale. The next day, Helen drives by the property and calls the number on Kitty’s sign. Helen and Scott Nearing sign a contract to buy the house from the Woodards. Is Kitty entitled to the commission?
6Types and Creation of Leasehold Estates: What is the difference between a periodic tenancy and a tenancy at will? What are the essential terms that must be in a written lease?