Harald Dude's real estate dealings began breaking bad in 2003. After securing a $1.9 million loan from Washington Mutual on a house he owned in Aspen, Mr. Dude quickly sought to borrow another $500,000 from Wells Fargo. The Washington Mutual mortgage was not yet recorded because of a defect in the property description. To satisfy Wells Fargo, Mr. Dude had to complete a form for the bank's title insurance company, Stewart Title. On that form, he was asked to disclose existing liens and loans on the property, at least those that hadn't already turned up in Stewart Title's title search. Knowing that the company had failed to discover the existence of the Washington Mutual loan and worried that disclosing it now might scotch any chance he had of winning a second loan from Wells Fargo, Mr. Dude decided to conceal its existence. The plan worked: Stewart Title and Wells Fargo proceeded with the second loan just as Mr. Dude had hoped. Discuss who will have priority in the land if Mr. Dude defaults. Does it matter that Mr. Dude