Oliver, owner of Blackacre, needed money. Blackacre was fairly worth $100,000, so Oliver tried to borrow $60,000 from Len on the security of Blackacre. Len agreed, but only if Oliver would convey Blackacre to Len outright by warranty deed, with Len agreeing orally to reconvey to Oliver once the loan was paid according to its terms. Oliver agreed, conveyed Blackacre to Len by warranty deed, and Len paid Oliver $60,000 cash. Len promptly and properly recorded Oliver's deed. Now, Oliver has defaulted on repayment with $55,000 still due on the loan. Oliver is still in possession. Which of the following best states the parties' rights in Blackacre? 
Len's oral agreement to reconvey is invalid under the Statute of Frauds, so Len owns Blackacre outright.  Oliver, having defaulted, has no further rights in Blackacre, so Len may obtain summary eviction.  The attempted security arrangement is a creature unknown to the law, hence a nullity; Len has only a personal right to $55,000 from Oliver.  Len may bring whatever foreclosure proceeding is appropriate under the laws of the jurisdiction.