Maria’s house, presently worth $1.25 million, is mortgaged to the State Bank. (The property is under

Maria’s house, presently worth presently worth $1.25 million, is mortgaged
to the State Bank. (The property is under the Torrens system.) Maria still owes
the bank $900 000 under the mortgage, and has missed her last four monthly
mortgage payments.

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Maria’s house, presently worth $1.25 million, is mortgaged to the State Bank. (The property is under
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(a) What are the options available to the State Bank to
recover the outstanding debt, and what are the bank’s legal responsibilities in
exercising each of those options?

(b) How would your answer differ if the bank’s mortgage was
not registered?

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