Bob entered into a land contract to purchase real estate from Sam. The purchase price was to be paid over a I O-year period by month ly amortization. At the end offive years, Bob defaulted, having fa iled to make his required payments. The contract provided that in event of default, the seller could declare a forfeiture after a period of 30 days and repossess the property. If the court should consider the land contract an equitable mortgage, what might be the rights of Bob and Sam?

AppendixLO1