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Business Law 13th Edition by Frank Cross, Kenneth Clarkson, Roger LeRoy Miller
Edition 13ISBN: 978-1133046783Business Law 13th Edition by Frank Cross, Kenneth Clarkson, Roger LeRoy Miller
Edition 13ISBN: 978-1133046783 Exercise 20
Assignment. The Smiths buy a house. They borrow 80 percent of the purchase price from the local ABC Savings and Loan. Before they make their first payment, ABC transfers the right to receive mortgage payments to Citibank. (See page 319.)
(a) The first group will outline what would happen if the Smiths continue to make all their payments to ABC Savings and Loan because ABC never notified them of the assignment.
(b) The second group will describe what would happen if the Smiths were notified by ABC of the assignment, but continued to make payments to ABC.
(c) A third group will determine what would happen if the Smiths fail to make any payments on the loan. Which financial institution would have the right to repossess their house?
(a) The first group will outline what would happen if the Smiths continue to make all their payments to ABC Savings and Loan because ABC never notified them of the assignment.
(b) The second group will describe what would happen if the Smiths were notified by ABC of the assignment, but continued to make payments to ABC.
(c) A third group will determine what would happen if the Smiths fail to make any payments on the loan. Which financial institution would have the right to repossess their house?
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Business Law 13th Edition by Frank Cross, Kenneth Clarkson, Roger LeRoy Miller
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