A piece of land called Blackacre is subject to a mortgage in favour of Hal. The mortgage was created to secure a debt of $100 000 that Myriam owed to Hal. Myriam negligently defaulted on the repayment of that debt. Blackacre is worth $250 000. Hal has announced that he intends to use the remedy of foreclosure. Because Myriam's default was negligent, a court would probably allow him to do so even if Myriam asked for an order for judicial sale instead.

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Quizplus · Accepted Answer

Foreclosure is an equitable remedy, and courts typically prefer a judicial sale to foreclosure, especially when the property's value exceeds the debt, to ensure fairness and prevent unjust enrichment.

A Piece of Land Called Blackacre Is Subject to a Mortgage