William Aitchisonhad a first mortgage on his house of $300,000 with Bank A, a second mortgage of $200,000 with Bank B, and a third mortgage of $100,000 with Bank C. All of these mortgages were registered and in that order
Arthur missed his mortgage payments to Bank C. Which of the following statements is TRUE?
A) No bank alone can force the sale of the house
B) If the house is sold, Bank A must be paid in full before any other bank receives any money
C) If Bank C forces the sale of the house, Bank C will get its $100,000 before any other bank receives any money
D) If the house is sold Bank A will get 50% of the proceeds of the sale
E) If the house is sold Bank C will get 33% of the proceeds of the sale
B
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