Priorities

Question 1

Recording

Answer 1

A creditor must properly record to have priority

Question 2

FITFIR

Answer 2

First in Time First In Right (Exception) Purchase money Mortgage

Question 3

Purchase Money Mortgage

Answer 3

A mortgage given to secure a loan that ENABLES the debtor to acquire encumbered land

RECEIVES SUPERPRIORITY

Question 4

Subordination

Answer 4

Agreement to subordinate a claim to another VALID