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B is corrent. A mortgage must be recorded to be effective against subsequent third parties who acquire an interest in property with no knowledge of the prior mortgage. Since Todd did not record his/her mortgage and Walsh did not have knowledge of Todd’s mortgage, Walsh will take title to the warehouse free of Todd’s mortgage.
A is incorrect. All mortgages must be recorded to obtain the best possible rights, regardless of whether they are purchase money mortgages.
C is incorrect. If a first mortgagee does not record, then a subsequent mortgagee who records will have priority if s/he did not have knowledge of the first mortgage. Since Stone did not have knowledge of Todd’s mortgage, Stone will have a superior mortgage.
D is incorrect. Walsh did not suffer any damages; therefore, Walsh has no claim against Best. Also the standard title policy only insures against defects of record, and since the mortgage is unrecorded, it is not a defect of record.