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
21,102,560 questions answered
Popular Conversations
Simplify 2(x - 4) + 7(x + 2). User: Simplify 2(x - 4) + 7(x + 2). ...
Weegy: 3(4x + 6) - 9x = 12x + 18 - 9x; = 3x + 18 User: Simplify 8 - (-5) - 4(-7). Weegy: 8 - (-5) - 4(-7) = 8 + 5 ...
5/27/2015 3:01:03 PM| 4 Answers
Simplify 11(2x + 3). 11x + 5 22x + 3 22x + 33
Weegy: 11(2x + 3) = 22x + 33 User: Simplify -3xy^3 + 7xy^3 + (-xy^3) + (-3xy^3). User: Simplify 2x + x. User: ...
5/27/2015 9:20:06 AM| 3 Answers
Simplify 8(3 - 2x). User: Simplify -2[9 - (x + 7)].
Weegy: -2[9 - (x + 7)] = -2(9 - x - 7) = -2(2 - x) = 2x - 4 User: Simplify -12x + 5x. -7 -7x -17x User: Simplify ...
5/27/2015 9:22:24 AM| 3 Answers
A line has a rise of 3 and a run of 12. What is the slope? User: A ...
Weegy: a.25 User: A line has a rise of 6 and a slope of 1/20. What is the run? 30 90 120 Weegy: A line has a rise ...
5/27/2015 12:32:19 PM| 3 Answers
Select all of the terms that are "like." xy2 2xy x2 -xy 2x2y User: ...
Weegy: 2xy, -xy, and xy are "like" terms. User: Simplify -4(N + 9). Weegy: -4(N + 9) = -4N - 36 User: Simplify ...
5/27/2015 9:17:54 AM| 2 Answers
Simplify (5b)(-3a). -35ab -15ab 2ab
Weegy: (5b)(-3a) = -15ab User: Simplify 9 - {x - (7 + x)}. User: What is the expression for "the difference ...
5/27/2015 9:27:00 AM| 2 Answers
Find the value of 21 - 18 ÷ 3 · 2. User: Simplify ...
Weegy: 6(-5)= -30 User: Simplify 6r · s · 4rt. 10rst 10r2st 24r2st Weegy: 6r · s · 4rt. = 24r2st. User: Evaluate ...
5/27/2015 9:35:13 AM| 2 Answers
Acid rain could be referred to as a _____________ phenomenon. a. ...
Weegy: Acid rain could be referred to as a natural phenomenon. User: When geographers observe moraines, they can ...
5/27/2015 11:21:09 AM| 2 Answers
Weegy Stuff
S
Points 759 [Total 767]| Ratings 1| Comments 749| Invitations 0|Offline
S
L
Points 706 [Total 1236]| Ratings 2| Comments 686| Invitations 0|Offline
S
1
Points 596 [Total 988]| Ratings 3| Comments 566| Invitations 0|Offline
S
L
P
Points 429 [Total 2906]| Ratings 1| Comments 419| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
P
1
Points 248 [Total 8994]| Ratings 0| Comments 248| Invitations 0|Offline
S
Points 161 [Total 181]| Ratings 0| Comments 161| Invitations 0|Offline
S
1
L
L
Points 84 [Total 8267]| Ratings 0| Comments 84| Invitations 0|Offline
S
L
1
R
Points 80 [Total 1367]| Ratings 0| Comments 80| Invitations 0|Offline
S
L
Points 56 [Total 3810]| Ratings 2| Comments 36| Invitations 0|Offline
S
Points 13 [Total 13]| Ratings 0| Comments 13| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.