Bar Exam Uniform Quiz
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A parcel of land is encumbered by two mortgages. The first mortgage is held by First Bank for $200,000. The second mortgage is held by Second Bank for $50,000. The landowner defaults on the mortgage with First Bank, which initiates foreclosure proceedings. The landowner is unable to pay. Before the foreclosure sale, Second Bank, wishing to protect its security interest, tenders $200,000 plus costs to First Bank.
Which of the following statements accurately describes Second Bank's legal position after tendering the payment? Select one.
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