Beta

Flashcards Studio

Practice bar questions and get clear AI feedback on every answer.

Study Settings View Stats

Topic

Question Type

Essay Multiple Choice

Question Source

All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

To forestall foreclosure on a parcel of land owned by Rafael Santos, SecureBank Mortgage Co. holds a mortgage on the property to secure a loan of 6,000,000. OmniSure Insurance Co., through a guarantee agreement with Rafael and SecureBank, pays the overdue installments in full to SecureBank. By a separate written instrument, OmniSure is expressly subrogated to SecureBank’s rights against Rafael. Rafael refuses to reimburse OmniSure.

Choose the Best Answer

Conventional subrogation; arises from the guarantee agreement and the express subrogation instrument; OmniSure becomes subrogee to SecureBank’s rights against Rafael; Rafael must reimburse OmniSure for the amount paid; SecureBank’s mortgage remains valid and enforceable; Rafael may raise defenses against OmniSure the same defenses he could raise against SecureBank. Assignment of mortgage rights separate from the underlying debt; OmniSure would acquire only the mortgage rights, but not the contract to recover the loan; The effect on Rafael’s obligation would be limited to the mortgage; The guarantee would not automatically transfer to OmniSure. Equitable subrogation; a non-statutory doctrine that would apply here; Philippine law recognizes only legal and conventional subrogation; thus this is not applicable here. Novation; the payment by OmniSure discharges Rafael’s debt to SecureBank and creates a new obligation to OmniSure; the mortgage would be converted to secure OmniSure’s claim; Novation requires express consent of all parties.

Load another random question

Your Progress

No data Retention

Tracked Cards: 0
Accuracy: No data
Retained: 0

View Detailed Analytics

Difficulty Breakdown

Answer flashcards to build a real score-based difficulty breakdown.

Current Streak 0 Days

Start a streak with this card.

Suggested Decks

View All

Leech Cards

Review

No recent weak flashcards in your saved workbook.

More

Flashcards Studio

Question

Choose the Best Answer

Hello