Question and answer
Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insurance, Inc., to cover
the warehouse. Later, Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy. First National agrees to act as Interstate’s mortgagee, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse. Who can recover an amount for its loss?
Good Hands Insurance, Inc. will pay the amount loss.
Expert answered|myx shasmeen|Points 70|
Question
Asked 9/23/2011 12:59:31 AM
Updated 9/24/2011 2:33:52 PM
2 Answers/Comments
Get an answer
New answers
Rating
4
A claim can not be paid twice for the same incident or same property. The amount of the remaining mortgage will be paid to the First National Bank since they hold the mortgage. Any additonal amounts over and above the outstanding mortgage would go to the current owner of the property - Interstate Dist. Corp. The insurance policy still held by Eagle Sales Company is void since Eagle Sales no longer has any vested interest in the property. The policy should have been canceled.
Added 9/24/2011 2:33:52 PM
This answer has been added to the Weegy Knowledgebase
0
Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insurance, Inc., to cover the warehouse. Later, Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy. First National agrees to act as Interstate's mortgagee, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse. Who can recover an amount for its loss?
Added 9/24/2011 2:15:02 PM
Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
DO YOU HAVE MORE ON THIS
Weegy: What would you like more of? Would you please elaborate? User: Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank, which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties, who has priority to the collateral? Discuss your answer. (More)
Question
Expert Answered
Asked 9/16/2011 3:43:26 PM
0 Answers/Comments
any reference page of this
Weegy: what kind of reference page do you need? User: Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank, which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties, who has priority to the collateral? Discuss your answer. Weegy: The Hi Finance Company has the priority in the collateral because Agile Corporation signed a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. (More)
Question
Expert Answered
Asked 9/16/2011 3:37:34 PM
0 Answers/Comments
Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank, which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties, who has priority to the collateral? ...
Weegy: Metro Bank..Under the Personal Property Securities Act 1999 the general rule for priority of financing statements is outlined in Section 66 where: A perfected security interest has priority over an unperfected security interest in the same [ collateral Priority between perfected security interests in the same collateral (where perfection has been continuous) is determined by the party who perfected first (either by registration or possession). Read our glossary definition of perfection. Note | This information is intended as a guideline - you should obtain your own independent legal advice. Exceptions to the priority rules The most common exception to the priority rules set out in Section 66 is where a Purchase Money Security Interest (or PMSI) exists. Where a PMSI exists it will have a 'super priority' over a general security interest in the same collateral. A PMSI may exist in the following situations: A security interest taken in collateral by the seller. For example, A hire purchase agreement relating to the purchase of a television or a supplier providing the goods on the basis that they retain the title until the goods are paid for. Sometimes referred to as a 'Romalpha clause'. A loan by a bank for the purchase of a car where the loan is secured by the car, and the proceeds are applied towards the car’s purchase. ] (More)
Question
Expert Answered
Asked 9/16/2011 9:43:40 PM
0 Answers/Comments
Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank, which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties, who has priority to the collateral?
Weegy: The Hi Finance Company has the priority in the collateral because Agile Corporation signed a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. User: any reference page i can find more on this Weegy: what kind of reference page do you need? User: Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank, which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties, who has priority to the collateral? Discuss your answer. Weegy: The Hi Finance Company has the priority in the collateral because Agile Corporation signed a financing statement that describes the collateral, its inventory and proceeds, and HFC files the statement in the appropriate state office. User: where can i read more about this sujucet (More)
Question
Expert Answered
Asked 9/17/2011 8:15:45 AM
0 Answers/Comments
18,411,098 questions answered
Popular Conversations
. What is the value of 4 cubed? A. 24 B. 43 C. 64 ...
Weegy: The answer is C. 125,000,000 User: What is the value of 324? A. 1,048,576 B. 18 C. 128 D. ...
11/22/2014 4:52:09 PM| 3 Answers
Who is the prime minister of India?
Weegy: Manmohan Singh is the 13th and current Prime Minister of India. User: National flower of India?
11/22/2014 1:28:06 AM| 2 Answers
One of the major advantages of VANs is cost. True or False
Weegy: What is false? Do you have a question for Weegy? User: True or False One of the major advantages of VANs is ...
11/22/2014 2:06:05 AM| 2 Answers
293.55 is 51.5% of what number?
11/22/2014 3:36:30 AM| 2 Answers
When purchasing merchandise for resale for cash, record the ...
Weegy: User: When purchasing merchandise for resale for cash, record the transaction in the Answer: Business documents ...
11/22/2014 6:52:09 AM| 2 Answers
The _____ is the smallest interval in Western music. half ...
Weegy: In Western music, intervals are most commonly differences between notes of a diatonic scale. User: Which types ...
11/22/2014 9:44:17 AM| 2 Answers
Which of the following best describes the advantage of having data ...
Weegy: a. The number of digits that can be included within the data best describes the advantage of having data ...
11/22/2014 11:03:31 AM| 2 Answers
Dissonant harmonies tend to resolve to consonant ...
Weegy: Dissonant harmonies tend to resolve to consonant harmonies. This is false. User: Woodwinds and _____ are wind ...
11/22/2014 3:43:53 PM| 2 Answers
A colon can be used to combine two clauses when you use it to ...
Weegy: A colon can be used to combine two clauses when you use it to represent the word is letter c. and h
11/22/2014 3:31:35 PM| 2 Answers
Weegy Stuff
S
L
1
L
P
C
1
P
C
1
L
P
C
1
Points 2364 [Total 14075]| Ratings 10| Comments 2264| Invitations 0|Offline
S
L
Points 1276 [Total 3562]| Ratings 0| Comments 1276| Invitations 0|Offline
S
L
Points 694 [Total 1215]| Ratings 6| Comments 634| Invitations 0|Offline
S
1
L
1
L
P
P
L
P
Points 685 [Total 14059]| Ratings 0| Comments 685| Invitations 0|Offline
S
Points 469 [Total 501]| Ratings 1| Comments 459| Invitations 0|Offline
S
1
L
L
Points 211 [Total 6605]| Ratings 0| Comments 211| Invitations 0|Offline
S
L
Points 150 [Total 1446]| Ratings 3| Comments 120| Invitations 0|Offline
S
Points 50 [Total 50]| Ratings 0| Comments 0| Invitations 5|Offline
S
Points 46 [Total 46]| Ratings 3| Comments 6| Invitations 1|Offline
S
Points 40 [Total 40]| Ratings 4| Comments 0| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.