Anderson conveys his house to a grantee for $10,000 and takes back a trust deed and note for $5,000. Anderson immediately sells his note and trust deed at a discount to Mr. Baker for $3,500. Anderson signs the trust deed and endorses the note with the words "without recourse" prior to his signature. If the grantor defaults before making any principal payments, which of the following methods would the buyer of the first trust deed utilize to receive the greatest amount of money in the shortest period of time?
A. Sue for specific performanceB. Foreclosure by trustee's sale to collect $3,500C. Recover from Anderson, as the transaction was usuriousD. Foreclosure by trustee's sale to recover $5,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Anderson conveys his house to a grantee for $10,000 and takes back a trust deed and note for $5,000. Anderson immediately sells his note ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A registered representative in your office wants to sell an issue of a private offering for another firm.
Answers (1)
Given the following: 2013 2012 2011 Sales: $400,000 $450,000 $470,000 Gross Profit: $100,000 $130,000 $140,000 Net Income: $300,000 $220,000 $330,000 Conduct a trend analysis of sales in 2013 to the nearest percent. The base year is 2011.
Answers (2)
Which government laws would Nancy have to adhere to register her company?
Answers (2)
Which of these services is not provided by a financial institution such as a bank or credit union? A Informing customers of the amount of money in their accounts B Informing customers of how the money in their accounts must be spent C Providing cash
Answers (1)
Pursuant to Treasury Circular 230, which of the following statements about the return of a client's records is correct? a. The practitioner may retain copies of the client's records. b.
Answers (1)
New Questions in Business
Rachel is the sole member of an LLC, and Jordan is the sole shareholder of a C corporation. Both businesses were started in the current year, and each business has a long-term capital gain of $10,000 for the year.
Answers (1)
Manufacturers usually classify inventory into all the following general categories except: a. work in process b. finished goods c. merchandise inventory d. raw materials
Answers (1)
Perfume manufacturing: what is the best method for transporting volatile liquids?
Answers (1)
Kyle is planning to take a roadtrip. After he makes his plans, he has to make some unexpected auto repairs. Also, he sees the price of gas has gone up.
Answers (2)
Although our development of the Keynesian cross in this chapter assumes that taxes are a fixed amount, most countries levy some taxes that rise automatically with national income.
Answers (1)