Next Generation Bar Exam Quiz
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A homeowner bought a house with a loan from a bank, secured by a deed of trust. The homeowner has made every monthly payment on time. Recently, the homeowner conveyed the house by quitclaim deed to a limited liability company that the homeowner alone owns and manages. The homeowner continues to live in the house. After learning of the conveyance, the bank sent the homeowner a letter stating that the entire loan balance is immediately due and payable because the house had been transferred without the bank's permission.
Which issue is most likely to determine whether the bank may require immediate payment?
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