Business, 05.07.2021 19:40 purplepig12

A driver borrowed $75,000 from a bank to purchase a tract of land on which to operate his trucking company, securing the debt with a mortgage on the land. The bank promptly and properly recorded its mortgage. A few years later, the driver financed the installation of a truck wash on the land with a $50,000 loan from a finance company, secured by a mortgage on the land. The finance company promptly and properly recorded its mortgage. The driver subsequently defaulted on the bank's mortgage, leaving an outstanding balance on the bank's loan of $60,000. However, the driver continued to make payments to the finance company. The bank brought a foreclosure action, joining the finance company in the proceeding. The jurisdiction provides a statutory right of redemption for lienholders. Does the finance company have any recourse prior to the foreclosure sale to protect its interest?

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A driver borrowed $75,000 from a bank to purchase a tract of land on which to operate his trucking c...

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