Problem
A. "Name the six requirements of an escrow and briefly describe each."
B. "Describe the doctrine of relation back and give some examples as to how it affects the buyer."
C. "What is a foreclosure by power-of-sale? How does it differ from judicial foreclosure?"
D. "Tom Hildebrant purchased a four-unit rental property for $375,000. River National Bank lent him $355,000 to complete the purchase. The loan was secured by a mortgage on the property. Because of a severe recession in the area caused by the closing of several steel mills, Hildebrant was unable to consistently rent all the units, and he defaulted on the debt. As a result, the bank foreclosed. At the foreclosure sale, the property sold for $345,000. Does Tom have any liability on the unpaid portion of the debt? Discuss."