6. Howard purchased from Stan a lot with a small house. Befo…

6. Howard purchased from Stan a lot with a small house. Before the time of purchase, Howard got a mortgage to borrow $350,000.00 from Finance Company and Finance Company validly recorded the mortgage. One year before Howard purchased the lot, Bob had placed a lien on the property in the amount of $10,000.00 when Stan owned the lot and validly recorded the lien in the chain of title. Before purchasing the lot, Howard had agreed with Stan to take the lot subject to Bob’s lien. Howard fell behind in the payments on his mortgage to Finance Company and Finance Company decided to foreclose. The outstanding loan balance that Howard owes to the Finance Company is $300,000.00. At a valid, court-supervised foreclosure sale, the property sold for $350,000.00. Sale expenses, court costs and attorney fees were $50,000. If the Finance Company can apply proceeds from the foreclosure sale fully to the outstanding loan balance of $300,000 and Bob receives nothing for his lien on the lot, which out of the following statements provides the best explanation for such an outcome?

14.      John has a fee simple absolute interest in Blackacr…

14.      John has a fee simple absolute interest in Blackacre and he conveys the following interests in a valid inter vivos conveyance: “I give Blackacre to my wife, Judy, for life, and the remainder to our children who reach the age of 21.” At the time of the conveyance, John and Judy has one son, Stuart, who is 21. Assume in the relevant jurisdiction that the common law Rule Against Perpetuities applies to conveyances and wills and that the doctrine of destructibility of contingent remainders is abolished. What future interest is held by Stuart, if any, at the time of the conveyance?

7.         Buyer purchased Blackacre from Seller. Seller inf…

7.         Buyer purchased Blackacre from Seller. Seller informed Buyer about how Blackacre was encumbered with a past mortgage with a $100,000 outstanding loan balance, due to Seller’s borrowing. The past mortgage did not include a due on sale clause. Buyer agreed to take Blackacre subject to the past mortgage. Seller delivered a valid deed to Buyer, which was validly recorded.Six months later, Buyer defaulted on the mortgage and the mortgagee initiated a judicial foreclosure. The proceeds from the foreclosure sale were insufficient to cover the outstanding loan balance on the mortgage.  There are no anti-deficiency statutes in the relevant jurisdiction. Can the mortgagee recover the deficiency from Buyer or Seller?