Key Statements in Law: First in Time is First in Line. Last in is First out.

ut. The Preferred Mortgagee is the Superior to all other mortgagees.

PRESUMPTION. A rule of law that attaches definite probative value to specific facts or draws a particular inference as to the existence of one fact, not actually known, arising from its usual connection with other particular facts which are known or proved. 29 Am J2d Ev 160. The assumption or taking for granted of the existence of a fact, permitted or required under the law as a self-evident result of human reason and experience. Ward v Metropolitan Life Ins. Co. 66 Conn 227, 238, 33 A 902. An effect of an evidentiary fact from which the trier of fact must find the existence of another fact unless and until evidence is introduced which will support a finding of its nonexistence. UCC 1-201(31). A rule of law attaching definite probative value to a specific fact, as distinguished from an inference which is a permissive conclusion by a trier of fact, unaided by any rule or theory of law directly applicable. People v Hillebrandt, 308 NY 397, 126 NE2d 377 49 ALR2d 449; Stumpf v Montgomery, 101 Okla 257, 226 P 65, 32 ALR 1490, 1496. See conclusive presumption; conflicting presumptions; legal presumption; mixed presumption; presumption; rebuttable presumption; violent presumption. ASSUMPTION OF MORTGAGE. An agreement by the grantee of mortgaged premises to pay the debt secured by the mortgage. 37 Am J1st Mtg 997. There is a broad and obvious distinction in the effect there of upon the rights of the parties, between the taking of mortgaged property subject to a mortgage subsisting thereon at the time of such taking, and the assumption or agreement by the grantee to pay the debt secured by such mortgage, in that, where the purchaser or grantee of the mortgaged property takes it subject to the MORTGAGE ONLY, there being no express or implied agreement to assume the mortgage debt, he is bound only to the extent of the property, but if the debt be assumed by the grantee, he becomes the principal debtor, while the mortgagor becomes the Surety. Brichetto v Raney, 76 Cal App 232, 245 P 235; 37 Am J1st Mtg 982. ASSUMPTION OF OBLIGATION. Undertaking to substitute one's self in the place and stead of the obligor; agreeing to discharge the obligation by payment. Stout v Folger, 34 Iowa 71.