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May 25, 2015

Homework Help: business law

Posted by mike on Tuesday, December 2, 2008 at 7:25pm.

1. Goldfarb owns a 500 acre tract of land known as Blackacre. He executes a deed conveying Blackacre with the following language, “To March for life, then to Hunt.” March is excited to receive Blackacre, but soon executes a deed to the property with the following language, “To Laverne and Shirley, as joint tenants with the right of survivorship.” March then dies. Hunt, believing he now owns Blackacre, executes a deed with the following language, “To Larry, Moe and Curly, as joint tenants with the right of survivorship.” Laverne and Shirley are not aware of Hunt’s deed and execute their own deed to Blackacre with the following language, “to the Valley Victory Church, so long as the property is used for church purposes.” Laverne and Shirley both die in an automobile accident, each leaving one son (Lenny and Squiggy). Then, Larry dies, leaving his son, Ralph, as his heir. Ralph gets a loan from First State Bank and gives the bank a mortgage to Blackacre. Moe then transfers his interest in Blackacre to his nephew, Potsy. Valley Victory Church, which did use Blackacre for a summer church camp, decides to sell the property to Wal-Mart so it can build a new store on the property. Valley Victory Church gives Wal-Mart a deed to Blackacre. At the same time, Ralph defaults on his loan to First State Bank and they start a foreclosure proceeding. Not knowing any of the facts above, Curly transfers his interest in Blackacre to his favorite kids from the neighborhood, Marlon, Jackie, Tito, Michael and Jermaine. Who owns Blackacre?
In your answer, analyze when (and whether) each of the parties (March, Hunt, Laverne, Shirley, Lenny, Squiggy, Valley Victory Church, Wal-Mart, Larry, Moe, Curly, Ralph, First State Bank, Potsy, Marlon, Jackie, Tito, Michael and Jermaine) took ownership in Blackacre, how much of an interest each owns, if any, and why.

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