1. The Joy of Mountains Company owns the land and a factory worth $450,000. Bank of New Orleans holds a $300,000 first mortgage on the parcel (land and factory). Charles Major holds a second mortgage ($200,000). Joy of Mountains discontinues payments to Bank of New Orleans and Major, who now foreclose. If the foreclosure sale brings $450,000, how much will the Bank of New Orleans receive? How much will Major receive? Why?