Question
1. Your client, Katherine, has investigated an upcoming foreclosure sale for the purpose of bidding at it. The sale is being conducted by the sheriff
1. Your client, Katherine, has investigated an upcoming foreclosure sale for the purpose of bidding at it. The sale is being conducted by the sheriff under a final judgment of foreclosure in favor of John on a mortgage securing a debt in the amount of $10,000. The judgment specifically forecloses a subordinate mortgage in the amount of $29,000, but makes no mention of a senior mortgage in the amount of $17,000. Katherine has examined the property and concluded that she is willing to pay up to $25,000 to own the property free and clear of all liens. The sheriff's expenses in conducting the sale are $200. What is the maximum amount Katherine should bid at the sale? Compare UCC section 9-617(a).
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