Wesley buys a house for $1,000,000. He puts $400,000 down and borrows $600,000 from a bank, which takes a mortgage on the property to secure the loan. Wesley defaults, and when the bank forecloses on the property, it is worth only $500,000
There is a shortage of 100,000, as the foreclosure sale price was $500,000. The bank brings a legal action against Wesley. Which of the following can help the bank recover the shortage from Wesley?
A) right of redemption
B) lien release
C) deficiency judgment
D) garnishment
C
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Davis Company began manufacturing operations on January 2, 2018. During 2018 Davis reported pre-tax book income of $85,000 and had taxable income of $75,000. Davis had a temporary difference relating to a prepaid asset which will be expensed as follows for book purposes: 2019$7,5002020$2,500The enacted tax rates are 30% for 2018 and 2019; and 40% for subsequent years.If no other temporary differences occurred subsequent to 2018, the deferred tax asset at the beginning of 2020 is:
A. $ 4,000. B. $ 750. C. $ 1,000. D. $ 2,500.
An example of a restaurant with a narrow and deep assortment is a ________
A) small lunch counter B) cafeteria C) large restaurant D) fast-food restaurant chain E) delicatessen
Cooperative advertising involves intermediaries and producers sharing in the cost of ads.
Answer the following statement true (T) or false (F)
An express trust is:
A) established by law through the courts when the parties' conduct seems to warrant the creation of a trust. B) established by voluntary action. C) always a written document. D) always revocable.