Escrow & Title
In Wyoming, the 'race-notice' recording statute means:
AThe first person to purchase a property wins regardless of notice
BA subsequent purchaser who records first wins if they purchased without notice of prior unrecorded interests✓ Correct
CLenders always have priority over buyers regardless of recording
DGovernment liens always take priority regardless of recording
Explanation
Under a race-notice recording statute, a subsequent purchaser is protected if they: (1) had no notice of prior unrecorded interests when they purchased, AND (2) record their interest first. Both conditions must be met for protection under a race-notice statute.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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