How much will bank of new orleans receive how much will, Operation Management

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How much will bank of new orleans receive how much will

Joy of Mountains Company owns land and a factory worth $450,000. Bank of New Orleans holds a $300,000 first mortgage on the parcel (land and factory). Charles Major holds a second mortgage ($200,000). Joy of Mountains discontinues payments to Bank of New Orleans and Major, who now foreclose. If the foreclosure sale brings $450,000, how much will Bank of New Orleans receive? How much will Major receive? Why?

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