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Without insurance proceeds or other money to pay for the

Katherine has obtained a loan from ABC Bank. Katherine signed a negotiable note for $100,000 and secured the note by giving ABC Bank a mortgage on her home. The home burns down and Katherine does not have homeowner's insurance. Without insurance proceeds or other money to pay for the home to be restored, Katherine wants to stop payment on the note. Is Katherine still responsible to ABC Bank for the payment of the note? Explain your answer fully.

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Business Management: Without insurance proceeds or other money to pay for the

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