In January 2003, Gary Ryder and Washington Mutual Bank, F.A., executed a note in which Ryder promised
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1. The bank filed a counterclaim, seeking to foreclose on the mortgage. What should a creditor be required to prove to foreclose on mortgaged property? What would be a debtor’s most effective defense? Which party in this case is likely to prevail on the bank’s counterclaim? Why?
2. The parties agreed to a settlement that released the bank from Ryder’s claims and required him to pay the note by January 31, 2007. The court dismissed the suit, but when Ryder did not make the payment, the bank asked the court to reopen the case. The bank then asked for a judgment in its favor on Ryder’s complaint, arguing that the settlement had “immediately” released the bank from his claims. Does this seem fair? Why or why not?
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Related Book For
Business Law Today The Essentials
ISBN: 978-0324786156
9th Edition
Authors: Roger LeRoy Miller, Gaylord A. Jentz
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