"A" borrows $50,000.00 from the bank and pledges real property as security. After the loan, "A" sells the property to "B," who buys subject to the mortgage. "B" then defaults on the mortgage loan. Under the circumstances, which of the following statements are true?
A) bank may foreclose on the property
B) bank can sue "A" to recover debt
C) bank cannot sue "B" to recover debt
D) "A" cannot sue "B" for reimbursement if "A" pays the bank
E) all of the above
F) none of the above
Correct Answer:
Verified
Q22: The debtor's signature is no longer required
Q25: A state statute that gives a property
Q26: Which of the following is not a
Q28: The person other than the debtor or
Q31: Which of the following are requirements for
Q32: A state statute that establishes the ceiling
Q34: Some states allow UCC-1 financing statements to
Q46: Anti-deficiency laws generally provide that a mortgage
Q55: Post-foreclosure redemption is permitted in all states.
Q56: A debtor always has the right to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents