Kate and her brother Rustin own a piece of property in Dallas as tenants in common valued at $50,000. Kate owns a 75% interest and Rustin owns a 25% interest. During Mardi Gras, Rustin went down to New Orleans and decided he loved it there. The next week he purchased a house on St. Charles Avenue right across from the Mardi Gras parade route. Unfortunately, Rustin did not get an appraisal and learned later that he significantly overpaid for the property. In addition, the home was much too expensive for Rustin and shortly after the purchase Rustin defaulted on the loan. Even after the bank seized the home, there was a $50,000 debt remaining. Assuming the bank received a default judgment against Rustin and could seize the Dallas property, what portion of the property could be seized to satisfy Rustin's debt? 1.0%. 2. 25%. 3. 50%. 4. 100%. 0%. 25%.
Kate and her brother Rustin own a piece of property in Dallas as tenants in common valued at $50,000. Kate owns a 75% interest and Rustin owns a 25% interest. During Mardi Gras, Rustin went down to New Orleans and decided he loved it there. The next week he purchased a house on St. Charles Avenue right across from the Mardi Gras parade route. Unfortunately, Rustin did not get an appraisal and learned later that he significantly overpaid for the property. In addition, the home was much too expensive for Rustin and shortly after the purchase Rustin defaulted on the loan. Even after the bank seized the home, there was a $50,000 debt remaining. Assuming the bank received a default judgment against Rustin and could seize the Dallas property, what portion of the property could be seized to satisfy Rustin's debt? 1.0%. 2. 25%. 3. 50%. 4. 100%. 0%. 25%.
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 63P
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Transcribed Image Text:Kate and her brother Rustin own a piece of property in Dallas as tenants in common
valued at $50,000. Kate owns a 75% interest and Rustin owns a 25% interest. During
Mardi Gras, Rustin went down to New Orleans and decided he loved it there. The next
week he purchased a house on St. Charles Avenue right across from the Mardi Gras
parade route. Unfortunately, Rustin did not get an appraisal and learned later that he
significantly overpaid for the property. In addition, the home was much too expensive
for Rustin and shortly after the purchase Rustin defaulted on the loan. Even after the
bank seized the home, there was a $50,000 debt remaining. Assuming the bank
received a default judgment against Rustin and could seize the Dallas property, what
portion of the property could be seized to satisfy Rustin's debt?
1. 0%.
2.25%.
3. 50%.
4. 100%.
0%.
25%.
50%.
100%.
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