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The New Lawyer Q&A

May 21, 2014

Question 4

Question 4



Jane owned a machine shop. It had one slightly buckled wall. It had been built years prior to Town's adoption of a zoning ordinance that permits office buildings and retail stores, but not manufacturing facilities.


Ira purchased the machine shop from Jane for $500,000. He gave her $50,000 in cash and a promissory note for an additional $50,000 secured by a deed of trust. He borrowed the other $400,000 from Acme Bank (Acme), which recorded a mortgage. Ac...

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