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Chapman agreed to sell certain land to Pierson and retained a mortgage on the property to secure payment of the purchase price. The mortgage contained

  1. Chapman agreed to sell certain land to Pierson and retained a mortgage on the property to secure payment of the purchase price. The mortgage contained a clause providing that if Pierson defaulted, Chapman had the right to enter upon the above described premises and sell the same at public sale to pay the purchase price, accounting to Pierson for any surplus.
    1. What type of foreclosure does this provision contemplate, and why?
  2. Bolton Hardware Company was engaged in the business of furnishing materials to property owned by John and Lisa Mason. The materials were for the use of a contractor that was building a home for the Masons as well as several other houses in the area. Bolton was not paid for the materials by the contractor and sought to obtain a mechanics lien/materialmens lien against the Masons property. The Masons claimed that even though the materials were delivered to their home, they were actually used to build other houses in the area.
    1. Was the Masons property subject to a mechanics lien/materialmens lien because payment had not been made for the materials delivered, and why or why not?

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