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Flashcards in the recording system Deck (23)
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1
Q

main rule for notice jurisdiction

A

if BFP, last BFP wins, (no need to race to record)

2
Q

main rule for race-notice jurisdiction

A

if BFP and first to record, wins

3
Q

what are the 2 reasons recording acts exist

A

for 1) BFP and

2) mortgage creditors

4
Q

what is a bona fide purchaser

A

one who
1) purchases FOR VALUE
AND
2) WITHOUT NOTICE someone else got it before

5
Q

what is the rule for value for BFP

A

1) remits SUBSTANTIAL PECUNIARY CONSIDERATION
- can be bargain basement sale if given substantial money

2) doomed donee: recording statutes DO NOT protect doness heirs, or devises unless shelter rule

6
Q

does BFP apply to donees, heirs or devises?

A

NO!!!! need for value

7
Q

when is a BFP determined

A

AT TIME CLOSING

8
Q

what are the 3 forms of notice that buyer is charged with (AIR)

A

1) actual
2) inqury
3) record

9
Q

what is inquiry notice

A

buyer of RE has duty to INSPECT b4 transfer title, to see if anyone is in possession. B has inquiry notice w/e or not actually bothered to inspect

10
Q

record notice

A

deed is recorded properly w/i chain of title prior or at closing. B is held to have notice

11
Q

notice statute language

A

“a conveyance of an interest in land shall not be valid against any subsequent purchaser for value , w/o notice thereof, unless the conveyance is record”

12
Q

who wins in pure notice state

A

LAST BFP TO TAKE WINS

13
Q

what is the race-notice language

A

“any conveyance of an interest in land shall not be valid against any subsequent purchaser for value, w.o notice thereof, WHOSE CONVEYANCE IS FIRST RECORDED

14
Q

what must a buyer to do win in race-notice state

A

1) be BFP AND

2) FIRST TO RECORD

15
Q

Is IL a notice or race-notice state

A

RACE-NOTICE

16
Q

to give record notice to subsequent takers what must happen

A

deed must be recorded properly

17
Q

how is a deed recorded properly

A

by chain of title, which refers to that sequence of recorded documents: capable of giving record notice to takers.

18
Q

what are the 3 discrete chain of title problems

A

1) shelter rule
2) wild deed
3) estoppel by deed

19
Q

generally what is the shelter rule

A

if a person is a BFP and records first and later GIVES AWAY (not for value) to gift to another person. That other person steps into the shoes of the BFP and wins against others

20
Q

what is a wild deed

A

if a deed, entered on the records has a grantor UNCONNECTED to the chain of title, the deed is wild.

21
Q

what is wild deed rule

A

if a deed, entered on the records has a grantor UNCONNECTED to the chain of title, the deed is wild.
- the deed is INCAPABLE OF GIVING RECORD NOTICE OF ITS EXISTENCE

22
Q

is a wild deed capable of giving record notice of its existence

A

NO. as if NEVER recorded at all

23
Q

estoppel by deed rule

A

one who conveys realty in which he has no interest, is estopped from denying the validity of that conveyance IF he later acquires later transfer interest