Question: Atlantic Ocean Kamp grounds, Inc. (Atlantic) borrowed $ 60,000 from Camden National Bank (Camden National) and executed a note and mortgage on property located in

Atlantic Ocean Kamp grounds, Inc. (Atlantic) borrowed $ 60,000 from Camden National Bank (Camden National) and executed a note and mortgage on property located in Camden, Maine, securing that amount. Maine permits strict foreclosure. Atlantic defaulted on the loan, and Camden commenced strict foreclosure proceedings pursuant to state law. After the one year period of redemption, Camden National sold the property to a third party in an amount in excess of the mortgage and costs of the foreclosure proceeding. Atlantic sued to recover the surplus from Camden National. Who wins? Atlantic Ocean Kamp grounds, Inc. v. Camden National Bank, 473 A. 2d 884, 1984 Me. Lexis 666 (Supreme Judicial Court of Maine)

Step by Step Solution

3.60 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Camden National Bank wins and may retain the proceeds in excess of the mortgage which were obtained ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

508-L-B-L-L-E (2871).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!