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Exam 31: Other Creditors Remedies and Suretyship

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Question 31

Multiple Choice

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Best Bank lends $3,000 to Juan to purchase a car and Juan signs a loan agreement granting Best Bank a lien on the car. This is an example of what type of lien?

A) Statutory
B) Consensual
C) Judgment
D) Approved
E) Evaluated

F) None of the above
G) A) and B)

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Question 32

Multiple Choice

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When must a lienholder's claim on a property be settled?

A) It depends upon the type of lien
B) After property is distributed to other creditors
C) After proceeds are distributed to other creditors
D) Before property or proceeds are distributed to other creditors
E) After both all property and proceeds are distributed to other creditors

F) B) and C)
G) A) and E)

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Question 33

Multiple Choice

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When can a creditor seek a writ of execution?

Ridland has had severe problems staying out of debt. He has several creditors who wish to file a garnishment against his wages. Can all of the creditor's file the garnishment at once?

After judgment is entered against Kylie in a suit for nonpayment by a creditor, the judge orders a local sheriff to seize and sell some of Kylie's valuable jewelry. This is an example of a(n) ________.

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

A creditor has what type of lien when, through legal action, the creditor seizes a debtor's property to satisfy a debt?

A creditor has a secured interest in your artwork and an artist has a lien on your artwork. Who has priority in obtaining the artwork or the proceeds from the sale of the artwork?

Allison's bankruptcy on any debt owed by Sean has what effect, if any?

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

When considering whether a secured party or a claimant holding a mechanic's lien has priority to a good, how does a court make the determination?

A debtor is permitted to retain all or a portion of the family home so that the family will retain some form of shelter through which of the following exemptions?

Which of the following statements accurately describes judicial liens?

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

A composition agreement is a contract between creditors and a debtor in which the creditors agree to accept a lesser amount to satisfy the debts and discharge the remaining debt.

[Bad Hair Day] Tara started a new hair salon and leased space for the salon from Marisa. Unfortunately, Tara's styling caused some problems for customers. One customer's hair turned green from Tara's bleaching process, and Tara burned another customer with a curling iron. Not surprisingly, Tara had little business and was unable to pay her lease payments as they came due. Marisa filed a lawsuit against Tara and obtained a judgment against Tara for $7,000 in past due rent. Marisa asked for a court-ordered judgment permitting the sheriff to seize and sell Tara's equipment, including her hair-dryers, pedicure chair, nail polish, and other items. The judge refused her request. Marisa did, however, obtain an order allowing her to seize $3,000 held in Tara's bank account to partially satisfy the debt. Marisa also discovered that Tara had, for her personal use, a wide-screen television set worth approximately $1,000 which was being held by Franklin, a television repairer, for the costs of repair. Marisa asked him to turn over the television because her lien had priority, but Franklin refused. -What is the most likely result of the dispute between Franklin and Marisa regarding the television set, assuming no exemption applies?

Which of the following was the result in Fostveit v. Poplin the case in the text involving the right of a contractor who had built storage units to place a lien on the property in which "substantial performance" has occurred according to a contract?

[Rough Start] Allison, who just graduated from college, wanted to buy a new car. However, she 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 Allison. Allison's father cosigned with Allison on her loan at the bank. Allison also wanted to start a real estate business. She needed funds with which to do so. Her boyfriend, Sean, promised the bank, in writing that he would pay Allison's start-up loan for the real estate business if Allison did not do so. Unfortunately, Allison did not make any money in the real estate business. She went bankrupt along with Sean, who had been acting as her receptionist. -The agreement entered into between Sean and the bank is called what?

Matilda did not pay Tomas for services Tomas provided. Tomas went to court and sued to have Matilda's wages garnished. What type of lien was Tomas seeking?

A(n) ________ permits a debtor to retain all or a portion of the family home so that the family will have some form of shelter if other property is seized to satisfy a debt.