Part I: Priority, Termination of the Mortgage, and Other Methods of Using Real Estate as Security - Read each of the questions below and write your complete answers making certain to clearly identify your answers to each question. Be complete in your responses.
1. A debtor borrowed $350,000 to finance the purchase of a house, and the bank recorded its interest on July 1. On July 15, the debtor bought $10,000 worth of replacement windows from Window Co.; Window Co. recorded its purchase-money security interest that day, and the windows were installed. Four years later, the debtor, in hard financial times, declared bankruptcy. As between the bank and Windows Co., who will get paid first?