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Watts gave a mortgage on a vacant lot to Fast to secure payment of a note. Fast assigned the note and mortgage to Beal who paid 85% of the face value for it. Neither Fast nor Beal recorded the mortgage. Subsequently, Fast assigned the same note and mortgage to Rusk who paid 75% of the face value for it and who had no notice of the prior assignment to Beal. Rusk promptly recorded the mortgage and the assignment. Watts has made no payments on the note. The jurisdiction has a notice-type of recordation statute. Under the circumstances A. Rusk is entitled to the full face amount of the Watts note. B. Equity will require that Beal and Rusk share in the proceeds of the note equally as their interests may appear. C. Rusk is entitled to recover only 75% of the face value of the note. D. The assignments to Beal and Rusk are ineffective because Fast failed to record the mortgage. |