Chapter 16
Creditor-Debtor Relations and Bankruptcy
N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows.
N A question new to this edition of the Test Bank.
+ A question modified from the previous edition of the Test Bank.
= A question included in the previous edition of the Test Bank.
true/false questions
1. With a mechanic’s lien, real estate becomes security for a debt.
answer: T PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal
2. A writ of execution applies to a debtor’s nonexempt real or personal property wherever located.
answer: F PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal
3. Only a few types of property—a debtor’s wages or bank account, for example—can be
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In putting together a repayment plan under Chapter 13, a debtor must apply the means test to identify the amount of disposable income that will be available to repay creditors.
answer: T PAGES: Section 8 TYPE: N BUSPROG: Analytic AICPA: BB-Legal
multiple choice questions
1. Portia owes Bon $500 on their roof repair contract, but refuses to pay. To collect, Bon files a mechanic’s lien. Under a mechanic’s lien, security for the debt is represented by
a. Portia’s personal property.
b. Portia’s real estate.
c. the $500 owed under the contract.
d. the contract.
ANSWER: B PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal
2. Refer to Fact Pattern 29-1B. If Michael imposes a lien on Jill’s car, it will end
a. in thirty days.
b. in sixty days.
c. when Michael voluntarily surrenders possession of the car.
d. when Jill obtains a court order requiring Michael to return the car.
ANSWER: C PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal
3. A court awards a judgment to Loan Collection Agency, who is the creditor, against Margret, who is the debtor. After the judgment, the creditor requests a court order to seize Margret’s property to ensure that the judgment will be collectible. This is
a. a judicial lien.
b. a writ of attachment.
c. a writ of execution.
d. a violation of most state laws.
ANSWER: C PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal
4. Ronaldo’s debt to Sofia is past due. Ronaldo
It gives the opportunity to provide structured feedback and reflection and recognise ay achievements as well as identify any performance issues.
As a court judge, I would rule that the Interstate Bank of Bastrop’s judgment lien has first priority because the judgment lien was recorded prior to Red River’s mortgage lien. In general, the priority of a judgment lien is typically determined by the recording dates, which concludes which lien gets paid first. For this reason, Red River Thrift and Loan Co. and Interstate Bank of Bastrop have sensible rights to complain for priority in order to enforce Phil Dunfee’s debt. In other words, if Red River received first priority and the foreclosure sale continued, then Interstate Bank of Bastrop would never get paid. As a result, Interstate would consider this unreasonable, especially since the judgment lien was filed before Red River had filed their note and mortgage with Dunfee. In brief, Interstate Bank of Bastrop has priority over Red River because of the series in which the liens and mortgages were recorded.
26.1)Mechanic's Lien. Ironwood Exploration, Inc. (Ironwood) owned a lease on oil and gas property located in Duchesne County, Utah. Ironwood contracted to have Lantz Drilling and Exploration Company, Inc. (Lantz), drill an oil well on the property. Therafter, Lantz rented equipment from Graco Fishing and Rental Tools, Inc. (Graco), for use in drilling the well. Graco billed Lantz for these rentals, but Lantz did not pay. Graco filed a notice of mechanic's lien on the well in the amount of $19,766. Ironwood, which had paid Lantz, refused to pay Graco. Graco sued to forclose on its
Before going to trial, the parties meet, with their attorneys to represent them, to try to resolve their dispute without the involvement of a third party. This is
On Gregorian calendar month 1990, Frank W. Gagnon, aged 85, and his wife executed durable powers of attorneys naming their daughter, Joan Coombs, their attorney in truth. There was no immediate need for the power of attorney, that was strictly preventive. On February twenty-eight, 1991, following discussions together with his son, Frank, Mr. Gagnon executed a document revoking Joan's power of attorney. Joan wasn't suggested of the revocation. On December five, 1991, Mr. Gagnon signed an agreement selling a chunk of property he owned in Shelburne, N.H., for $750,000. Someday between December twelve and December twenty-six Mr. Gagnon educated Joan of the sale agreement. On December twenty-six, while not discussion together with her father, Joan
More than two hundred years ago, the Declaration of Independence recognized the importance of protecting creative works.
It depends on the frequency in which you need to maintain email lists. If you need to verify your email lists on a regular basis, then you should purchase a monthly subscription. In case you have only one email list and would like to pay for it once, then we recommend purchasing a "Pay As You Go" package. > Only in limited cases. If your children are under 21 years old and unmarried, they’re eligible for burial. That coverage extends to 23 if they’re a full-time student. Moreover, children of veterans are eligible at any age if they’re physically or mentally disabled, rendering them incapable of self-support.
The victim, Ms. Angelica Latta contacted this Agent Thomas-Alford, in reference to the Subject owing her restitution. Ms. Latta complained she has not received a payment of restitution in the amount $166.00 that was due in January. It was explained, that the Subject will be instructed to pay a make a payment, immediately. Ms. Latta also advised that the Subject makes an income by tattooing.
Please consider this cover letter as part of the attached Offer in Compromise, provided by our clients, Tindini P/L as trustee for M & D Wood Family Trust and Wayne Santini, on behalf of Jet Boats, USA, Inc. (“Jet Boats”). On July 27, 2017, the California Department of Taxation and Fee Administration filed a personal property tax lien against Jet Boat’s vessel named Bruce, Official Number 1253648, HIN MTF329511313 (the “Vessel”), for Jet Boats’ failure to pay a use tax after bringing the Vessel into the State of California. Our clients hold a $354,375 Secured Promissory Note (the “Note”) secured by a Preferred Ship Mortgage (the “Mortgage”) over the Vessel. The Mortgage, executed on June 8, 2014, is senior to your tax lien. (See T.M. Cobb
Source of payments: The petitioners claim liquidity and the ability to pay interest or principal on amount owed, but conclusive findings show the insufficiency to pay interest or principal balance. This factor supports the treatment of the advances as equity.
If you need assistance determining the validity of a mechanics’ lien that was filed on your property, please contact one of the experienced southern California real estate and business attorneys at The Law Office of Ernesto F. Aldover as soon as
1. Describe the ways in which swing music and popular culture were interrelated during the time known as the swing era.
Colonel in the United States Marine Corps. Kelly has been apart of the New York
Employee performance is a performance criteria standard of an employee, they must have good behaviour and mustn’t do anything bad like waste time. Employees are rated on how well they do their jobs compared with a set of standards determined by the employer.
However, a large portion of their exempts is on certain assets like domestic support, public benefits, personal effects and personal property. The findings are also the same in that the same garnishment procedure is followed. However, according to the colleagues’ findings, if a creditor wants a separate order to garnish, they have to return to court. During this time, appearing to the court to have their garnishment heard is a must (Jantscher & Shuchman,