Blaw-410 Exam 3

Front 1

A PERSON is a(n):

1)
2)
3)
4)

Back 1

1) Individual
2) Corporation
3) Partnership
4) Association

Front 2

Any person directly or indirectly controlling the issuer or under direct or indirect common control with the issuer:

Back 2

Controlling person

Front 3

Any person who engages either for all or part of his or her time, directly or indirectly, as agent, broker, or principal in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another:

Back 3

Dealer

Front 4

A 5%-or-less owner who is an officer or direct could be a(n) _____.

Back 4

Controlling person

Front 5

Directors and officers of the issuer and every person who is directly or indirectly the beneficial owner of more than 10% of any class of an equity security that is registered pursuant to the 1934 Act:

Back 5

Insider

Front 6

What are the 3 factors indicating control?

Back 6

1. Stock ownership
2. Actual control
3. Practical control

Front 7

Under the 1933 Act, the SEC is empowered to seek _____ commanding any person to comply with the provisions of the Act or any rules promulgated under the Act.

Back 7

Writs of mandamus

Front 8

Trade or commerce in securities or any transportation or communication relating thereto among or between the states and territories of the United States, or between those states and territories and foreign countries:

Back 8

Interstate commerce

Front 9

A _____ owner who is an officer or direct could be a controlling person.

Back 9

5%-or-less

Front 10

Exemptions from federal laws ARE/ARE NOT exemptions from state laws.

Back 10

ARE NOT

Front 11

The 1933 Act specifically prohibits what 3 things?

Back 11

1) Using any device, scheme, or artifice to defraud.
2) Obtaining money or property by means of an untrue statement or omission of material fact.
3) Engaging in any transaction or practice that would operate as a fraud or deceit on the purchaser.

Front 12

Insiders include directors and officers of the issuer and every person who is directly or indirectly the beneficial owner of _____ of any class of an equity security that is registered pursuant to the 1934 Act:

Back 12

More than 10%

Front 13

Laws that regulate the offer and sale of securities within the geographical borders and residents of the state:

Back 13

Blue Sky laws (issuers must comply w/both the state and the SEC)

Front 14

$$ Amount

Rule 504:
Rule 505:
Rule 506:

Back 14

Rule 504: Up to $1 million
Rule 505: Up to $5 million
Rule 506: Unlimited

Front 15

Securities received in a private offering (i.e. securities sold pursuant to Reg. D):

Back 15

Restricted securities

Front 16

The registration statement must include what 4 pieces of information?

Back 16

1) Names and addresses of the issuer, directors, controlling persons, and underwriters.
2) The percentage amount of securities under the control of individual direct or controlling persons.
3) Financial information (no more than 90 days old).
4) Material facts.

Front 17

_____ securities may not be resold unless they are registered or they are exempted from registration.

Back 17

Restricted

Front 18

Applies To

Rule 504:
Rule 505:
Rule 506:

Back 18

Rule 504: nonpublic
Rule 505: nonpublic and public
Rule 506: nonpublic and public

Front 19

Securities sold by controlling persons:

Back 19

Controlled securities

Front 20

What delays the effective date in order to allow the SEC to further review the security?

Back 20

Refusal order

Front 21

Time Period

Rule 504:
Rule 505:
Rule 506:

Back 21

Rule 504: 12 months
Rule 505: 12 months
Rule 506: No time limit

Front 22

TRUE/FALSE

The seller must file a notice with the SEC of his or her intention to sell the restricted securities.

Back 22

TRUE

Front 23

Unless it is subjected to an SEC refusal or stop order, a registration statement becomes effective how many days after filing?

Back 23

20 days

Front 24

The SEC must issue a _____ within 10 days after the filing.

Back 24

Refusal order

Front 25

The SEC must issue a refusal order within _____ after the filing.

Back 25

10 days

Front 26

A general offer to all shareholders of a class of securities to purchase their shares for cash at a specified price, which ordinarily is higher than the prevailing market price:

Back 26

Tender offer

Front 27

Federal securities class-action lawsuits involving _____ must be filed in federal courts, rather than in state courts under state law.

Back 27

50 or more parties

Front 28

Federal securities class-action lawsuits involving 50 or more parties must be filed in _____.

Back 28

Federal courts

Front 29

An authorization from a shareholder to vote on his or her shares:

Back 29

Proxy

Front 30

What forms must be filed within 90 days?

Back 30

Form 10-K (annually)

Front 31

Unaudited reports must be filed quarterly w/in _____ of the close of that quarter.

Back 31

45 days

Front 32

What forms must be filed within 45 days?

Back 32

Form 10-Q (quarterly)

Front 33

Every issuer registered under the 1934 Act must file annual reports w/the SEC for each fiscal year w/in _____ of the close of that fiscal year.

Back 33

90 days

Front 34

A proxy statement must contain what 4 things?

Back 34

1. Statement as to whether or not the proxy is revocable.
2. Identity of the person making the solicitation and a statement of his interest in any matter to be acted upon.
3. Information relevant to voting for new directors.
4. List of matters to be acted upon and whether they are proposed by the management or a security holder.

Front 35

Subject to several exemptions, before any proxy may be solicited, each person contacted must be furnished with a(n) _____.

Back 35

Written proxy statement

Front 36

(TRUE/FALSE)

Most workers’ compensation laws do not extend coverage to minors.

Back 36

FALSE

Most DO extend coverage to minors

Front 37

Benefits under workers’ compensation laws fall into what 4 categories?

Back 37

1. Cash benefits
2. Medical benefits
3. Death benefits
4. Rehabilitation benefits

Front 38

Employees are required to notify their employer within _____ of any injury.

Back 38

30 days

Front 39

Who is NOT protected by the Age Discrimination in Employment Act?

Back 39

Bona fide executives and high policy making employees

Front 40

Agreements between DISTRIBUTORS AND RETAILERS IN THE SAME DISTRIBUTION CHAIN who determine the price of goods or services:

Back 40

Vertical price fixing

Front 41

The Age Discrimination in Employment Act protects workers ages:

Back 41

40 or older

Front 42

An agreement among producers or sellers to raise or maintain the price at a certain level as to impede free enterprise:

Back 42

Price fixing

Front 43

All HORIZONTAL/VERTICAL price fixing agreements are per se unlawful.

Back 43

HORIZONTAL

Front 44

Protects workers, age 40 or older, from discrimination in hiring, firing, compensating, and other employment-related processes, on the basis of age:

Back 44

The Age Discrimination in Employment Act

Front 45

(TRUE/FALSE)

All horizontal price fixing agreements are per se lawful.

Back 45

FALSE - all are per se unlawful

Front 46

How long do employees have to file their workers' compensation claims with the appropriate state authority?

Back 46

60 days to 2 years

Front 47

A company’s acquisition of a company at DIFFERENT levels of the distribution chain (supplier or customer):

Back 47

Vertical merger

Front 48

In some states, the failure of the employee to file a workers' comp claim on time will _____.


In other states, the failure of the employee to file a workers' comp claim on time will bar the claim only if _____.

Back 48

Bar his or her recovery.


The delay has been prejudicial to the employer.

Front 49

A company’s acquisition of a company at the SAME distribution level (competitor):

Back 49

Horizontal merger

Front 50

An employer who rejects the elective statute loses what 3 common law defenses?

Back 50

1. Assumption of risk
2. Negligence of fellow employees
3. Contributory negligence

Front 51

The remedy generally provided by workers’ compensation laws DOES REQUIRE/DOES NOT REQUIRE a finding of fault.

Back 51

DOES NOT REQUIRE

Front 52

_____ workers’ compensation statutes permit the employer to either accept or reject the provisions of the statute.

Back 52

Elective

Front 53

What are the 4 objectives of workers’ compensation laws?

Back 53

1) Prompt benefits
2) Single remedy
3) Burden on industry
4) Encourage safety

Front 54

An employer who rejects the _____ statute loses the three common law defenses – assumption of risk, negligence of fellow employees, and contributory negligence.

Back 54

Elective

Front 55

(TRUE/FALSE)

Self-employed persons are not covered under the Social Security Act.

Back 55

FALSE - they ARE covered

Front 56

To be under the Social Security Act, a person must:

1.
2.
3.

Back 56

1. Be an employee
2. Perform employment
3. Receive wages

Front 57

_____ were enacted to enable employees to recover for injuries regardless of negligence.

Back 57

Workers’ compensation statutes

Front 58

_____ does not require employers to set up a pension plan for their employees, but it does set standards that employers must follow if they choose to implement a plan.

Back 58

Employee Retirement Income Security Act (ERISA)

Front 59

“A to B, so long as she shall continue to farm Blackacre.”

Back 59

Fee simple determinable

Front 60

Agreements between SELLERS AT THE SAME LEVEL who determine the price of goods or services:

Back 60

Horizontal price fixing

Front 61

EVERY state in the country has some form of _____ laws.

Back 61

Workers’ compensation

Front 62

What happens if an employee’s recovery exceeds the benefits paid to him by the employer?

Back 62

The employee may keep the excess

Front 63

“A to B, but if B shall ever use Blackacre other than as a farm…”

Back 63

Fee simple subject to a condition subsequent

Front 64

A(n) _____ is an estate limited in duration to the life of some particular person specified in the deed. This person may be referred to as the _____.

Back 64

Life estate; Measuring life

Front 65

What are the 5 classifications of future interests?

Back 65

(PERRR)

1. Possibility of reversion
2. Executor interest
3. Reversion
4. Reentry
5. Remainder

Front 66

A _____ interest is freely alienable.

Back 66

Reversion

Front 67

The future interest created in a third-person transferee which otherwise would be a reversion is a _____.

Back 67

Remainder

Front 68

The right a wife has in her husband’s property:

Back 68

Dower

Front 69

The one-half interest each spouse has in all property acquired during their relationship from earnings or investment of community property:

Back 69

Community property

Front 70

The right of a surviving spouse to an absolute share of all the decedent’s property owned by the decedent at his or her death:

Back 70

Statutory forced share

Front 71

A _____ may be created by words such as “so long as,” “until,” or while."

Back 71

Fee simple determinable

Front 72

A _____ is created by words such as “but if,” “upon the condition that,” or “provided, however.”

Back 72

Fee simple subject to a condition subsequent

Front 73

The proxy statement must be filed with the SEC at least how many days before it is can be sent to the shareholders?

Back 73

At least 10 days

Front 74

When must employee contributions to the pension plan vest?

Back 74

Immediately

Front 75

When must an employee’s rights to his employer’s contributions vest?

Back 75

After 5 years of employment

Front 76

A person whose performance is subject to the control of an employer:

Back 76

Employee

Front 77

If an employee accepts the benefits of the workers’ compensation laws, he or she is then barred from doing what?

Back 77

Suing the employer for damages

Front 78

An employer's control extends not only to the _____, but also to the _____.

Back 78

Result; means by which the result was accomplished

Front 79

What happens if an employee's injuries are caused by third party's negligence?

Back 79

The employee IS ALLOWED to sue the third party for damages; however, if the employee does obtain damages, the employer is entitled to compensation for the benefits paid to the employee

Front 80

All workers’ compensation laws are _____, since the loss of these defenses seriously impairs an employer’s overall legal defense when an employee sues for damages.

Back 80

Compulsory (i.e. required)

Front 81

What is the deadline to file a report after a change in auditor, newly appointed officers, the resignation of a director, bankruptcy, default of a debt instrument, or a sale of assets not in the ordinary course of business?

Back 81

4 days (Form 8-K)

Front 82

If more shares are tendered than the offeror is willing to purchase, the offeror must:

Back 82

Purchase shares from each shareholder on a pro rata basis

Front 83

In no event may an action be brought later than _____ after the security was offered in good faith to the public.

Back 83

3 years

Front 84

In most instances, an action must be brought within _____ of the discovery of an untruth or omission or _____ after the discovery should have been made by the exercise of due diligence.

Back 84

1 year; 1 year

Front 85

The SEC may issue a(n) _____ only when there are material deficiencies in the registration statement and only after a hearing with notice.

Back 85

Stop order

Front 86

Workers' compensation is a(n) __________ remedy.

Back 86

Exclusive

Front 87

The laws of most states permit employers to purchase insurance from either _____ or _____.

Back 87

A private insurance company; a competitive state fund

Front 88

What 3 estates can be created by operation of law?

Back 88

1. Dower
2. Statutory Forced Share
3. Community Property

Front 89

The interest left in the grantor when he or she conveys away less than the entire estate:

Back 89

Reversion

Front 90

The workers’ compensation laws in the various states are fairly _____ in the scope of their coverage.

Back 90

Uniform

Front 91

The SEC may issue a(n) _____, which has the same effect as a refusal, at any time.

Back 91

Stop order

Front 92

The SEC may issue a stop order, which has the same effect as a ____, at any time.

Back 92

Refusal

Front 93

What prohibits contracts, combinations, and conspiracies that restrain trade and monopolization (including attempts and conspiracies to monopolize)?

Back 93

Sherman Antitrust Act

Front 94

Land and generally whatever is erected, growing upon, or affixed in a permanent or semipermanent manner to the land, and includes the air above the land:

Back 94

Real Property

Front 95

Established by presidential executive order, and authorized to enforce all laws whose design is to protect the environment; may use both civil and criminal prosecution:

Back 95

Environmental Protection Agency (EPA)

Front 96

Everything that is the subject of ownership and not real property:

Back 96

Personal Property

Front 97

Created by the 1934 Act to administer all federal security law, which includes those provided in both the 1933 and 1934 Acts, etc. Composed of 5 commissioners appointed by the president;

Back 97

Securities and Exchange Commission (SEC)

Front 98

Coverage under the Social Security Act IS/IS NOT mandatory.

Back 98

IS

Front 99

_____ may be properly transferred from the holder to another person.

Back 99

Alienable right or interest

Front 100

An aggregate of rights that are guaranteed and protected by law:

Back 100

Property

Front 101

An offer usually contingent on the tender of sufficient shares to ensure takeover:

Back 101

Tender offer

Front 102

An interest in property where the right to possession is postponed until some future time:

Back 102

Future interest

Front 103

The future interest left to the grantor when he or she conveys a fee simple subject to a condition subsequent:

Back 103

Right of reentry

Front 104

An estate which automatically terminates upon the occurrence of a particular event. If and when the specified event occurs, the land automatically reverts to the grantor:

Back 104

Fee simple determinable

Front 105

If O (the owner of Blackacre in fee simple) conveys Blackacre to A for life, A has a _____, and O has a _____.

Back 105

Life estate; reversion

Front 106

An estate which automatically terminates upon the occurrence of a particular event. However, the estate transfers to a third person and not the grantor or the heirs:

Back 106

Fee simple subject to an executory interest

Front 107

In Louisiana, some small farms are excluded from the _____.

Back 107

Mandatory workers’ compensation act

Front 108

An estate of potential infinite duration ("to A and his heirs"):

Back 108

Fee simple absolute

Front 109

The conditional reversionary interest which is left in the grantor after her/his conveyance of a fee simple determinable is a(n):

Back 109

Possibility of reverter

Front 110

What employees are included under the coverage of the Social Security Act?

Back 110

Part-time and full-time

Front 111

Amounts received under state workers' compensation acts ARE/ARE NOT fully excludable from taxable income.

Back 111

ARE

Front 112

Can corporate officers and directors qualify as "employees" under the Social Security Act?

Back 112

Sometimes, depending upon the services they perform and the remuneration they receive

Front 113

What persons are NOT included under the coverage of the Social Security Act?

Back 113

Partners, independent contractors, and self-employed persons are NOT covered since they are not “employees.” (They are treated as self-employed persons)

Front 114

A __________ is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.

Back 114

Reversion

Front 115

What are the 3 types of freehold estates?

Back 115

(1) fee simple absolute
(2) fee simple defeasible
(3) life estate

Front 116

A life estate may be either for the _____ or the _____.

Back 116

Life of grantee; Life of another ("pour autre vie")

Front 117

O dedicates land “to be used as a public park.” If several years later, the land ceases to be used as a park, then O’s heirs would be entitled to the land. This is known as:

Back 117

Possibility of reverter

Front 118

Due Diligence Defense

No person, other than the issuer, shall be liable when he can prove the following 4 things:

Back 118

a) Before the effective date of the statement, he resigned or advised that he planned to resign.
b) In regard to any part of the statement not purporting to be made on the authority of an expert, he had reasonable grounds to believe the statement to be true and w/out material omissions.
c) In regard to any part of the statement made upon his authority as an expert, he had reasonable grounds to believe the statement to be true and w/out material omissions.
d) In regard to any part of the statement purporting to be made upon the authority of an expert other than himself, there were no reasonable grounds to believe that the statement was untrue or contained material omissions.

Front 119

O “to A and his heirs until B marries.”

What kind of estate does A have?
What kind of estate does Ohave?

Back 119

A - Fee simple determinable
O- Possibility of reverter

Front 120

Oscar, who owns Blackacre in fee simple absolute, conveys Blackacre to “Charlie and his heirs.” Charlie has a:

Back 120

Fee simple absolute

Front 121

Marilyn wills her summer house to her son Brian "for life and on Brian's death to Carla (his daughter)." Brian then conveys his interest to Danielle. What does Carla own?

Back 121

A remainder (remainders may be either vested or contingent)

Front 122

What interest in real property generally gives the holder of that interest the right to sell the property?

Back 122

Fee simple

Front 123

Give an example of property that can be considered either personal property or real property:

Back 123

Growing crops

Front 124

A is the grantee and B is the measuring life of the estate.

What happens if A dies before B?

Back 124

The estate will move down to A's heirs; A’s heirs own the estate until B dies

Front 125

O conveys to A for life, then to the future children of B.

What happens when B has children of her own?

Back 125

The contingent remainder will vest as soon as B has her first child (unascertained person)

Front 126

It is unlawful for any person, by use of interstate commerce, the mails, or any facility of national security exchange, to:

Back 126

Solicit proxies from unregistered holders of securities

Front 127

An aggregate of rights that are guaranteed and protected by law:

Back 127

Property

Front 128

The essence of property is _____.

Back 128

Exclusive ownership

Front 129

An agreement or cooperative effort or interest by two or more entities that affects or restrains their competitors:

Back 129

Antitrust

Front 130

A purchaser who, without actual or constructive notice of any prior interest in a piece of property, pays value for an interest in such property:

Back 130

Subsequent Bona Fide Purchaser

Front 131

A policy that does not stipulate the value of the property; instead, only a maximum liability is specified:

Back 131

Open policy

Front 132

What are the 4 requirements for adverse possession?

Back 132

1. Open & notorious
2. Continuous & exclusive
3. Adverse
4. Claim of right

Front 133

If the tenant holds over after the expiration of the tenancy term without the consent of the landlord, there is a tenancy _____.

Back 133

At Sufferance

Front 134

A policy that specifies the insurer’s maximum liability for the destruction of each individual item:

Back 134

Specific policy

Front 135

A policy under which several items are insured and a maximum overall liability is stipulated:

Back 135

Blanket policy

Front 136

A policy that stipulates the value of the insured property; upon total destruction, this value is conclusive unless the insurer can show fraud:

Back 136

Valued policy

Front 137

A transfer by the grantor of all his or her interest in the land, whatever it might be:

Back 137

Quitclaim deed

Front 138

A policy that covers constantly changing property such as inventory or stock:

Back 138

Floating policy

Front 139

The right of the insurer, upon paying the loss, to recover from some third person who actually caused the loss:

Back 139

Subrogation

Front 140

When the insurance company “stands in the shoes” of the insured in order to recover from the person who is legally liable for the loss:

Back 140

Subrogation

Front 141

What allows the mortgagor to retain the property even after foreclosure, but before the foreclosure sale, by paying the amount due plus interest and any other costs?

Back 141

Right of redemption

Front 142

At what time is the insured required to have insurable interests?

Back 142

Only at the time of loss

Front 143

Who has the right of redemption?

Back 143

Mortgagor

Front 144

In what 3 instances does the lessor have a right to terminate a tenant?

Back 144

1. Surrender
2. Abandonment
3. Illegal use

Front 145

The landlord IS NOT liable for _____. However, the landlord IS liable when _____.

Back 145

IS NOT - injuries caused by the negligent acts of the tenant

IS - the tenant’s use of the premises is inherently dangerous

Front 146

Any question about the meaning of any terms or conditions used in the policy will be resolved in favor of _____.

Back 146

The insured

Front 147

Any ambiguities in the contract or policy are construed against whom?

Back 147

The insurer

Front 148

What happens if a grantee takes subject to the mortgage?

Back 148

He does not assume any personal liability for it

Front 149

What happens if a grantee expressly assumes the mortgage?

Back 149

He becomes personally liable for it

Front 150

What 5 covenants may be expressed or implied in a deed?

Back 150

(SQWAF)

Covenant of:
1. seizen
2. quiet enjoyment
3. warranty forever
4. against encumbrances
5. further assurance

Front 151

The landlord’s breach of the _____ entitles the tenant to terminate.

Back 151

Covenant of habitability

Front 152

There is no effective transfer of an interest in land until the grantor has:

Back 152

Delivered the deed or writing

Front 153

The grantor will forever warrant title to the property:

Back 153

Covenant of warranty forever

Front 154

The grantor promises that there are no existing encumbrances on the title to the property:

Back 154

Covenant against encumbrances

Front 155

The grantor warrants that he or she owns the property and has a right to convey it:

Back 155

Covenant of seizen

Front 156

In rare instances, the courts will enforce a(n) _____ contract.

Back 156

Oral

Front 157

There is NO requirement that a transfer of land be supported by _____.

Back 157

Consideration

Front 158

What does the Statute of Frauds require of contracts for the sale of real property?

Back 158

They MUST be in writing

Front 159

A deed DOES NOT have to contain a:

Back 159

Statement of the consideration

Front 160

What is the only purpose of recording statutes?

Back 160

To put subsequent purchasers on notice

Front 161

The grantor will execute or obtain any further documents or assurances necessary to perfect the title:

Back 161

Covenant of further assurance

Front 162

Insurance contracts ARE/ARE NOT required by the Statute of Frauds to be in writing.

Back 162

ARE NOT (but most states have enacted statutes requiring them to be in writing)

Front 163

What will happen if A slips and falls while walking up the stairs in B’s home?

Back 163

B’s liability insurance will pay for A’s injuries

Front 164

The grantee will not be disturbed in his or her possession of the property by the grantor or some third party’s lawful claim of ownership:

Back 164

Covenant of quiet enjoyment

Front 165

Proceeds is defined so as to include _____.

Back 165

Insurance proceeds

Front 166

A landlord CAN/CANNOT seize a tenant’s personal property as security for the unpaid rent.

Back 166

CAN (i.e. landlord lien)

Front 167

Once a deed is filed, it is then...

Back 167

Open to the public in order to put all persons on notice of the owner’s interest in the property

Front 168

Article 9 of the UCC provides that secured creditors automatically have:

Back 168

A security in proceeds

Front 169

A is negligently driving his car and accidentally injures B. Although A is at “fault,” because the accident was unintentional...

Back 169

A’s liability insurance will pay for the damages to B and B’s property

Front 170

Who is not personally liable for the rent?

Back 170

Sublessee

Front 171

Why aren't sublessees held personally liable for rent?

Back 171

Because they do not come into privity of estate with the lessor

Front 172

The landlord’s breach of the covenant of _____, by actual or constructive eviction, terminates the lease as a matter of law.

Back 172

Quiet enjoyment

Front 173

The sublessee IS/IS NOT personally liable for the rent.

Back 173

IS NOT

Front 174

The modern trend is to impose liability on the landlord for...

Back 174

Any injuries resulting from unsafe conditions on the premises

Front 175

What 3 remedies does the seller have if a breach occurs?

Back 175

1) specific performance
2) damages
3) liquidated damages

Front 176

A _____ occurs when the tenant leases less than the entire premises or leases all the property for less than the full term of the lease

Back 176

Sublease

Front 177

If a seller chooses to sue for damages, he is entitled to...

Back 177

The difference between the contract price and the current market price

Front 178

If the tenant retains a reversionary interest, the tenant has _____.

Back 178

Subleased the estate

Front 179

If the insurer has knowledge that the insured has made a misrepresentation or breached a warranty, but, nevertheless, elects to issue the policy or allow the policy to remain in effect in spite of the misrepresentation, the insurer then has...

Back 179

Waived the fraud defense

Front 180

What are the 3 recording statutes?

Back 180

1) Race-Notice
2) Notice
3) Race

Front 181

What statute will protect a subsequent bona fide purchaser, regardless of whether or not he records against prior unrecorded parties in interest?

Back 181

Notice

Front 182

What happens if the insurer waives his fraud defense?

Back 182

He is then estopped from asserting that defense and must perform his obligations under the contract

Front 183

Recording statute in which the first party to record prevails:

Back 183

Race

Front 184

Once he or she records a(n) _____, a subsequent bona fide purchaser is protected against any prior unrecorded parties in interest.

Back 184

Race-Notice