Tuesday, December 9, 2014

Business Law Students out there?

Buildmore Construction Co erects a silo (for grain storage) on Yore Ranch. Buildmore also lent Yore the money to pay for the silo under an agreement that the silo is not to become part of the land until Yore completes loan payments. Before completing payments, however, City Bank, the mortgage holder on Yore's land, forecloses on the property. City contends that the silo is a fixture to the reality and that the bank is therefore entitled to the proceeds from its sale. Buildmore argues that the silo is personal property and the proceeds should go to it. Is the silo a fixture? Who should win in court and why?

Read more: Business Law Students out there?