At a closing at 10 am on may 3 2005 x corp delivers

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At a closing at 10 a.m. on May 3, 2005, X Corp. delivers $25,000,000 to the seller of a factory using $20,000,000 from Bank One secured by a mortgage on the property, and the attorney for X Corp. records its title to the property at the same time. At 2 p.m. the same day, X Corp. grants a mortgage on the same property to Bank Two to secure another $20,000,000 loan. The attorney for Bank One records the mortgage at 2:30 p.m. The attorney for Bank Two records its mortgage at 2 p.m. X Corp. defaults on its loan payments to both banks. Who gets what?

Reference no: EM13466270

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