First Bank Company hold s a note from Jason Black and a first mortgage on real estate owned by Jason Black to secure it. Mr. Black sold his property to Robert Frasca, and Robert Frasca assumed the mortgage. The bank did not give Mr. Black a release from his debt. Subsequently Mr. Frasca def.1u lted in payment on the note. After some negotiati ng, the bank extended the term of the note and increased the interest rate. What is Mr. Black 's position at this stage of the transaction?

AppendixLO1