Article 2 of the Uniform Commercial Code governs negotiable instruments.
Indicate whether the statement is true or false
Question 2
With respect to 58, suppose that the foreclosure sale brings 80,000. How will this amount be distributed?
A)76,000 to the original mortgagor and 4,000 for costs
B)A split of the 80,000 on a pro rate basis between the costs, the original mortgagee, and the second mortgagee
C)A split on a pro rate basis among the contractor and the two mortgagees
D)The original mortgagee receives a portion of the 80,000 or 80,000/92,000With respect to 58, for Questions 60 - 64, suppose that the foreclosure sale brings 110,000, how much will each party receive?
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