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B is corrent because a mortgage provides the mortgagee with a nonpossessory security interest in real property. The purpose of recording the mortgage is to give constructive notice to third parties acquiring an interest in the property that the property is subject to an existing mortgage. When there are multiple mortgages on a single parcel of real property, the first mortgagee to duly record the mortgage will have priority over all subsequent mortgagees. Therefore, Fale’s claim of $300,000 has priority over Foxx’s $50,000 claim. Since the foreclosure sale only netted $280,000, Fale is entitled to receive the entire amount.
A is incorrect because Foxx has a second mortgage on the property and would only receive money if the first mortgage was fully satisfied. In this situation, Fale was entitled to all the proceeds of the sale because the $280,000 from the sale was less than the $300,000 mortgage.
C is incorrect because the first mortgage of Fale will allow them priority over all subsequent mortgages and the right to receive all proceeds of the foreclosure sale up to the $300,000 mortgage. Therefore, Fale will receive $280,000 of proceeds from the sale.
D is incorrect because Foxx is not entitled to receive any money from Slade. However, Foxx may recover from Byrd because Byrd granted the mortgage to Foxx; Slade did not.