Astrid Borrowed $500 000 from Bartholomew

question 42

Multiple Choice

Astrid borrowed $500 000 from Bartholomew.As security for the repayment of that loan, she created a mortgage over a piece of land called Blackacre.That mortgage was immediately registered.Which of the following statements is TRUE?

• A)Until Astrid repays the loan, Bartholomew will hold an equity of redemption.
• B)If Astrid defaults on the mortgage, and Bartholomew uses the remedy of judicial sale to sell Blackacre for $750 000, then he will be entitled to receive the amount of the mortgage debt, plus interest and costs, including the costs of sale.
• C)Even if Astrid defaults on the mortgage, she can obtain a decree nisi from a court, which automatically gives her the right to pay at her convenience.
• D)If Astrid sells Blackacre to her friend Elsa, Bartholomew will no longer be able to demand repayment of the loan from Astrid.
• E)Even if Astrid defaults on the mortgage, Bartholomew cannot obtain a foreclosure unless he has first obtained an order for possession.

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Definitions:

Plant

Multicellular organisms in the kingdom Plantae that use photosynthesis to make their own food, characterized by green pigmentation, cellulose cell walls, and reproduction via spores or seeds.

Secondary Consumer

An organism that feeds on primary consumers; typically a carnivore or omnivore that occupies the third trophic level in a food chain.

Decomposer

Organisms, such as bacteria and fungi, that break down dead organisms and waste materials, recycling nutrients in ecosystems.

Fungi

A kingdom of complex organisms that obtain nutrients by breaking down organic material, including molds, yeast, and mushrooms.