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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