An entrepreneur оbtаined а lоаn frоm a bank for $450,000, secured with a mortgage on an apartment building she owned. On February 10, the entrepreneur executed the note and the mortgage, and the bank gave her a certified check for $450,000. On February 11, the entrepreneur conveyed the apartment building to a local developer for $900,000 in cash. The developer was not aware of the mortgage. On February 12, the developer recorded her deed to the property. The same day, the entrepreneur announced her retirement and left the country on an extended trip. On the evening of February 13, which was a Sunday, the developer gifted her son the apartment building. The next morning, as soon as the recording office opened, the bank recorded its mortgage. That afternoon, the son recorded his deed. After the entrepreneur missed her first mortgage payment on March 1, the bank employees decided to look into the matter and found the deeds to the developer and the developer’s son. The bank demanded that the son satisfy the $450,000 mortgage. The recording statute in the jurisdiction reads, in relevant part: “A conveyance of an estate in land shall not be valid against any subsequent purchaser for value, without notice thereof, unless the conveyance is recorded.” The son filed an appropriate suit to determine the various interests in the apartment building. How should the court rule?
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