FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 31: Other Creditors Remedies and Suretyship

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following is a claim on property either created by a sales contract or imposed by a court in the interest of fairness?

A) Equitable
B) Consummate
C) Possessory
D) Broker's
E) Common law

F) C) and D)
G) A) and E)

Correct Answer

verified

Show Answer

Question 22

Multiple Choice

Review LaterAdd Note

Review Later

If a surety or guarantor pays the debtor's obligation to the creditor, the surety or guarantor has a right to ______, which means that the surety or guarantor is entitled to all the rights that the creditor had against the debtor.

A) Subrogation
B) Reimbursement
C) Contribution
D) Recoupment
E) Securement

F) C) and D)
G) B) and C)

Correct Answer

verified

Show Answer

Question 23

Multiple Choice

Review LaterAdd Note

A[n] ______ is a judicial order authorizing a local law officer to seize and sell any of the debtor's nonexempt real or personal property within the court's geographic jurisdiction.

Which of the following is true regarding type of judicial liens?

Which of the following was the result in the Case Opener in which the plaintiffs claimed that a mortgage foreclosure was wrongful because the foreclosure proceedings did not reveal the true secured party who had purchased the plaintiffs' loan from the original lender?

Which of the following is false regarding the process of attachment?

Discuss the rights of a surety and a guarantor including rights when multiple co-sureties or guarantors owe the debtor's obligation to a creditor.

"Defective Windows." Selina hired a contractor, Rex, to put new windows in her home that she purchased herself from Good Windows. Unfortunately, Rex made a mess of the windows. While the windows were initially in good shape, Rex cracked some, scratched others, and did not get the windows properly fitted into their frames. Selina received a bill for the windows from Good Windows, but she refused to pay. Selina was told that Good Windows would file a lien, but she believed that there was no basis upon which a lien would be granted. Rex, who refused responsibility for any problems, also filed a lien after Selina refused to pay him. -Assuming the court follows the reasoning of Bates County Redi-Mix Inc. v. Windler, which of the following is true regarding the type of lien, if any, that Good Windows is entitled to obtain prior to going to court?

Which of the following is an order that permits the creditor to recover property beyond foreclosed property?

According to the text, which of the following are the classes typically exempt from seizure to satisfy a debt through a judicial lien?

An assignment for the benefit of creditors is an involuntary proceeding instituted generally by a bankruptcy court.

"Bad Hair Day." Molly started a new hair salon and leased space for the salon from Peggy. Unfortunately, Molly's styling caused some problems for customers. One customer's hair turned green from her bleaching process, and she burned another customer with a curling iron. Not surprisingly, Molly had little business and was unable to pay her lease payments as they came due. Peggy filed a lawsuit against Molly and obtained a judgment against Molly for $7,000 in past due rent. Peggy asked for a court-ordered judgment permitting the sheriff to seize and sell Molly's equipment including her hair-dryers, pedicure chair, nail polish, and other items, but the judge refused her request. Peggy did, however, obtain an order allowing her to seize $3,000 held in Molly's bank account with which to partially satisfy the debt. Peggy also discovered that Molly had for her personal use a wide-screen television set worth approximately $1,000 which was being held by Harold, a television repairer for the costs of repair. Peggy asked him to turn over the television because her lien had priority, but Harold refused. -What type of order allowed Peggy to seize money from Molly's bank account?

Which of the following was the result on appeal in the case nugget Bates County Redi-Mix Inc. v. Windler, in which a supplier of concrete sought a mechanic's lien for the cost of concrete although the concrete had to be removed and replaced based upon improper installation by a subcontractor unconnected with the plaintiff?

Mary owns a small business of washing cars. Due to severe dry weather, the price of water increased, she had to increase her prices, and many customers stopped coming. Mary had several creditors. She told them that she does not want to sell her property and that she would like to stay in business, but that she is considering bankruptcy unless her debts can be reduced. By what type of voluntary agreement would creditors receive only a percentage of the amount owed to them, what are the principles involving such an agreement, and why would a creditor consider such an agreement?

"Bad Hair Day." Molly started a new hair salon and leased space for the salon from Peggy. Unfortunately, Molly's styling caused some problems for customers. One customer's hair turned green from her bleaching process, and she burned another customer with a curling iron. Not surprisingly, Molly had little business and was unable to pay her lease payments as they came due. Peggy filed a lawsuit against Molly and obtained a judgment against Molly for $7,000 in past due rent. Peggy asked for a court-ordered judgment permitting the sheriff to seize and sell Molly's equipment including her hair-dryers, pedicure chair, nail polish, and other items, but the judge refused her request. Peggy did, however, obtain an order allowing her to seize $3,000 held in Molly's bank account with which to partially satisfy the debt. Peggy also discovered that Molly had for her personal use a wide-screen television set worth approximately $1,000 which was being held by Harold, a television repairer for the costs of repair. Peggy asked him to turn over the television because her lien had priority, but Harold refused. -Which of the following is the term for what Peggy requested when she requested that the judge have law enforcement officers seize and sell Molly's equipment?

"Rough Start." Debby, who just graduated from college, wanted to buy a new car. She, however, did not have much of a credit history, and the bank would not give her a loan unless she had a cosigner who agreed to be liable on the loan along with Debby. Debby's father cosigned with Debby on her loan at the bank. Debby also wanted to start a real estate business. She needed funds with which to do so. Her boyfriend, George, agreed in a signed writing with the bank that he would pay Debby's start-up loan for the real estate business if Debby did not do so. Unfortunately, Debby did not make any money in the real estate business. She went bankrupt as did George who had been acting as her receptionist. -What is the effect of George's bankruptcy, if any, on the debt owed by George?

When a person hires a worker to make improvements on real property but is later unable to pay the worker, the worker can create a[n] ______ lien on the person's improved real property.

What is the amount of the homestead exemption?

How does a court go about determining whether a claimant holding a mechanic's lien or a secured party has priority to a good?

A suretyship and a guaranty are the same thing.