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Pam sells to Rob property which has a $50,000 mortgage in favor of First Bank.Rob purchases the property subject to the mortgage.There is a default on the mortgage.When First Bank forecloses, the value of the property has declined and it sells for only $30,000.
a.Can First Bank recover the $20,000 balance from Rob? Explain.
b.Can First Bank recover the $20,000 from Pam? Explain.
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A country in Central Europe, known for its rich history, culture, and as a major economic and political power in the European continent.
Opportunity Cost
The price paid when you choose one option over another, effectively missing out on what the second best choice would have offered.
Italy
A country in Southern Europe known for its rich history, culture, and contributions to art, science, fashion, and cuisine.
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Publications that specifically focus on the visual arts, including but not limited to collections of art works, histories, and critical analyses.
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