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Exam 31: Other Creditors Remedies and Suretyship

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Question 51

Multiple Choice

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A consummate lien is the lien of the judgment creditor that arises when

A) an attorney fails to appear to defend the debtor.
B) a consumer is the third party creditor.
C) the creditor has lost possession of the property.
D) a motion for a new trial has been denied.
E) the judge grants a motion for a new trail.

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

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Question 52

Multiple Choice

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Which of the following is a transfer or assignment by a debtor of title to property to a trustee or an assignee who sells the property with the proceeds of the sale going to pay creditors on a pro rata basis?

A) An assignment for the benefit of creditors
B) A composition agreement
C) A sale and transfer agreement
D) A pro rata agreement
E) A termination agreement

F) A) and B)
G) A) and D)

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Question 53

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A statutory lien is a lien created solely through statute, regardless of whether the debtor wishes the lien to be created.

Which of the following is true if a debtor engaged in fraud in order to convince a surety or guarantor to enter into a contract with a third party?

Which of the following is NOT true when a judge orders a writ of execution?

[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. -Marisa was allowed to seize money from Tara's bank account with what type of order?

Kyla hires a contractor to remodel her home. She does not agree to a lien or sign any documentation giving the contractor a lien. He claims a lien on the house anyway. What type of lien does he have?

[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 Allison's father and the bank is called what?

The mortgagee can seek a deficiency judgment if proceeds of the sale of real property do not cover the debt.

Which of the following is true regarding types of liens?