Agricola sold his farm to Ambrose for $100,000. Ambrose arranged for a purchase-money mortgage from.

Agricola sold his farm to Ambrose for $100,000. Ambrose
arranged for a purchase-money mortgage from the Agricultural Loan Company for
$60,000, and Agricola agreed to take back a mortgage in the amount of $20,000
in order that Ambrose could acquire the property. On the date fixed for closing,
Agricola gave Ambrose the deed to the property and received a cheque from
Ambrose in the amount of $20,000. He also received a cheque from the loan
company for $60,000 when the company registered its mortgage immediately after
the registration of the deed to Ambrose. Agricola then registered his
»

Agricola sold his farm to Ambrose for $100,000. Ambrose
arranged for a purchase-money mortgage from the Agricultural Loan Company for
$60,000, and Agricola agreed to take back a mortgage in the amount of $20,000
in order that Ambrose could acquire the property. On the date fixed for closing,
Agricola gave Ambrose the deed to the property and received a cheque from
Ambrose in the amount of $20,000. He also received a cheque from the loan
company for $60,000 when the company registered its mortgage immediately after
the registration of the deed to Ambrose. Agricola then registered his mortgage
for $20,000. At the time, Agricola transferred the fire-insurance policy (which
covered the buildings) to Ambrose. The policy transfer named Ambrose as the new
owner, subject to the interest of Agricola as mortgagee. Through an oversight,
the Agricultural Loan Company was not named as an insured on the policy. Some
time later, Ambrose defaulted on the mortgage to Agricola, and it was necessary
for Agricola to foreclose on the mortgage. Agricola continued to make the
mortgage payments each month to Agricultural Loan Company and allowed Ambrose
to remain on the property to work the farm on a cropsharing basis. Not long
after Agricola had foreclosed on his mortgage and taken back the property, a
serious fire destroyed a large barn on the premises. The barn had a value of
$50,000. The insurer noted that the fireinsurance policy listed Ambrose as the
owner of the property, and Agricola as the mortgagee. However, before the
insurance company made payment, all three parties — Agricola, Ambrose, and the
Agricultural Loan Company — claimed the insurance proceeds. Discuss the nature
of the rights that each party might raise. Discuss the possible outcome.

»

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