Asked by Matthew Mihatov on Apr 28, 2024
Verified
Jo is duly notified that her mortgage with Fund All Savings has been transferred to Big Loan Co.and that she should,henceforth,pay Big Loan Co.Jo continues to pay Fund All Savings and Big Loan Co.sues Jo for nonpayment.Which of the following is most likely to be the court's judgment?
A) Jo is not liable to Big Loan Co. ,since she has already paid to Fund All Savings.
B) Jo is liable to Fund All Savings and to Big Loan Co. ,since her mortgage has been transferred.
C) Jo is liable to Fund All Savings,since her mortgage was processed by them.
D) Jo is liable to Big Loan Co. ,since she received a notice from them about the assignment.
Mortgage
A mortgage is a legal agreement by which a bank or another creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Assignment
The transfer of rights, property, or obligations from one party to another.
Notice
A formal communication or announcement given to inform parties of legal actions, decisions, or the need for response, depending on specific legal or contractual requirements.
- Comprehend the legal requirements and effects of transferring rights or duties under a contract.
- Recognize the legal consequences of not adhering to the contractual terms regarding assignments and notices.
Verified Answer
Learning Objectives
- Comprehend the legal requirements and effects of transferring rights or duties under a contract.
- Recognize the legal consequences of not adhering to the contractual terms regarding assignments and notices.
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