Alex owned Property 1 in fee simple absolute. Bob owned Property 2, an adjacent property. In2009, Alex gave Bob a valid deed granting him an easement that gave him the right to crossProperty 1 on an established dirt road to reach a public highway. Bob did not record the deed.The dirt road crosses over Property 1 and extends across Property 2 to Bob's house. Both Bob'shouse and the dirt road are plainly visible from Property 1.

In 2010, Alex conveyed Property 1 to Madeline in fee simple absolute by a valid generalwarranty deed that contained all the typical covenants but did not mention Bob's easement.Madeline paid Alex $15,000 for Property 1 and recorded her deed.

Thereafter, Madeline borrowed $10,000 from Bank and gave Bank a note secured by a deed oftrust on Property 1 naming Bank as beneficiary under the deed of trust. Bank conducted a titlesearch but did not physically inspect Property 1. Bank recorded its deed of trust. Madelinedefaulted on the loan. In 2011, Bank lawfully foreclosed on Property 1 and had it appraised. Theappraiser determined that Property 1 had a fair market value of $15,000 without Bob's easementand a fair market value of $8,000 with Bob's easement. Bank intends to sell Property 1 and tosue Madeline for the difference between the sale price and the loan balance.

The following statute is in force in this jurisdiction: Every conveyance or grant that is notrecorded is void as against any subsequent good faith purchaser or beneficiary under a deed oftrust who provides valuable consideration and whose interest is first duly recorded.

1. What interests, if any, does Bob have in Property 1?

2. What interests, if any, does Bank have in Property 1?