Ease Into Prep with a BAR® Question of the Day
Answer the question below and see how ready you are. We’ll explain the correct answer in detail so you understand the concept.
A little daily practice goes a long way.
Answer the question below and see how ready you are. We’ll explain the correct answer in detail so you understand the concept.
A little daily practice goes a long way.
A debtor borrowed $ 50,000 from a bank and issued to bank a mortgage on property owned by the debtor. The mortgage instrument stated in part: "In the event the debtor defaults on the debt and the bank forecloses, the debtor agrees that her right to redeem shall last for a maximum of six weeks following a declaration of default by the bank." A year later the debtor defaulted on the debt and the bank declared a default. A week later the bank initiated foreclosure proceedings. Six weeks later, before a foreclosure sale had taken place, the debtor tendered the full amount due on the debt. The bank refused to accept the tender and proceeded with the foreclosure.
Was the bank's action proper?
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