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| Shea Corp. owns a factory that has a fair market value of $50,000. Deal Bank holds a first mortgage and Rift Finance holds a second mortgage on the factory. Shea has discontinued payments to Deal and Rift. As a result, Deal, which is owed $45,000, and Rift, which is owed $15,000, have foreclosed on their respective mortgages. If the factory is properly sold to Bean at a judicial sale for $50,000, after expenses, A. Deal will receive $37,000 out of the proceeds. B. Bean will take the factory subject to the unsatisfied portion of any mortgage. C. Rift will receive $5,000 out of the proceeds. D. Rift has a right of redemption after the judicial sale. |