Carter then foreclosed upon the mortgage and sold the, Business Law and Ethics

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Carter then foreclosed upon the mortgage and sold the

Peter Diamond owed Carter $500,000 secured by a first mortgage on Diamond's plant and land. Stephens was a surety on this obligation in the amount of $250,000. After Diamond defaulted on the debt, Carter demanded and received payment of $250,000 from Stephens.

Carter then foreclosed upon the mortgage and sold the property for $375,000. What rights, if any, does Stephens have in the proceeds from the sale of the property?

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