Allen owned Greenacre in fee simple of record on January 10. On that day, Maria loaned Allen $50,000 and Allen mortgaged Greenacre to Maria as security for the loan. The mortgage was recorded on January 18. Allen conveyed Greenacre to Barnes for a valuable consideration on January 11. Maria did not know of this, nor did Barnes know of the mortgage to Maria, until both discovered the facts on January 23, the day on which Barnes recorded Allen's deed. The recording act of the jurisdiction provides: "No unrecorded conveyance or mortgage of real property shall be good against subsequent purchasers for value without notice, who shall first record." There is no provision for a period of grace and there is no other relevant statutory provision. Maria sued Barnes to establish that her mortgage was good against Greenacre. The court should decide for 
Barnes, because he paid valuable consideration without notice before Maria recorded her mortgage.  Barnes, because Maria's delay in recording means that she is estopped from asserting her priority in time.  Maria, because Barnes did not record his deed before her mortgage was recorded.  Maria, because after the mortgage to her, Allen's deed to Barnes was necessarily subject to her mortgage. 