What is the black fungus on my Jane Magnolia?

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My Jane Magnolia has a dark black fungus from the ground 1/2 up one of the main branches. Also, there are white bump like growths that look kind of like small mushrooms all over my plant. I cleaned some of it off and it has a pinkish liquid inside. I've seen lots of fungus on plants and trees but nothing like this.  I just noticed it today and hope you can give me some idea of what it is and how to get rid of it before it kills my plant.  Thanks
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