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Commercial Loans and the After-Acquired Title Doctrine

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Once upon a time, Mary Flakey bought an apartment building for $ 1 million from Mr. and Mrs. Jones, an elderly couple.  Mary put down $ 150,000.  She then took title to the apartment building “subject to” the existing $ 550,000 first mortgage from Choppy Bank, and Mr. and Mrs. Jones carried back a $ 300,000 second mortgage at just 6% interest.


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