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I have 20 Busines Law 2 questions to be answered. If a ...

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I have 20 Busines Law 2 questions to be answered. If a bankruptcy expert can help, I would appreciate it. A lots of the questions is concerning bankruptcy homework.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  JoeLawyer replied 6 years ago.
I will be happy to help.
Customer: replied 6 years ago.
1. Hope approached Jonathan, a newly hired loan officer, regarding a loan to purchase a new big-screen television. Jonathan agrees to lend Hope $1,800 for the television, and gives Hope a check for that amount. Hope proceeds to the electronics store and purchases the television. Why doesn’t Jonathan possess a security interest in the television?
A. Jonathan failed to either obtain possession of the television or to obtain a security agreement signed by Hope.
B. Jonathan failed to give Hope value to ensure that the security interest was properly created.
C. Hope doesn’t have rights in the collateral, which is required for a security interest to be properly created.
D. Hope failed to give Jonathan the information needed to properly perfect the security interest.

2. Which one of the following statements is true regarding bankruptcy?
A. Only individuals may file for Chapter 7 bankruptcy.
B. Chapter 11 bankruptcy is most commonly filed by individuals.
C. Chapter 12 generally applies to corporations.
D. Chapter 13 results in full or partial payment to most creditors.

3. Josey borrowed money from First Bank to purchase a ski boat. First Bank perfected a security interest in the ski boat. Ten days before First Bank perfected its security interest in the ski boat. Josey went to Local Finance Company and borrowed money there, listing the ski boat as collateral. Local finance Company perfected a security interest in the ski boat on the same day. Josey defaulted on both loans. According to the law, what should happen to the ski boat?
A. First Bank will take the ski boat because it was the first to perfect.
B. Local Finance Company will take the ski boat because it was the first to perfect.
C. First Bank will take the ski boat because it has a purchase-money security interest.
D. Local Finance Company will take the ski boat because it has a purchase-money security interest.

4. Toni contacted a local attorney, and retained the attorney to assist her in filing for Chapter 7 bankruptcy. Which one of the following will apply to Toni?
A. The information of a creditors’ committee
B. The formation of a reorganization plan
C. Confirmation of a reorganization plan
D. A meeting of the creditors

5. Chuck lent money to Pam so that Pam could purchase a DVD player. Based upon an agreement signed by Pam, Chuck perfected a security interest in the DVD player. Which of the following is true about this set of facts?
A. Chuck is the debtor in this scenario.
B. Chuck is the secured party in this scenario.
C. Pam is the co-debtor in this scenario.
D. Pam is the secured party in this scenario.

6. Jackie seeks to borrow money from Smalltown Bank to finance repairs for her car. Because Jackie’s credit rating isn’t yet fully established, Smalltown Bank will approve the loan only if Jackie’s father, Fred, signs an agreement stating that if Jackie fails to pay the loan, he will pay the loan in full. Fred is best classified as a
A. surety.               C. guarantor.
B. creditor.               D. co-debtor.

7. Prudence purchased an automobile with money borrowed from Local Bank. Local Bank loaned Prudence the money because she told the bank she intended to purchase a car Prudence and Local Bank agreed that the bank would take a security interest in the car until the loan was paid in full. Accordingly, Prudence signed an agreement with the bank setting forth these terms. Which of the following is true about this set of facts?
A. Local Bank failed to properly perfect a security interest in the car because it failed to properly file a financing statement.
B. Local Bank possesses a proper security interest in the car because Local Bank has a purchase-money security interest in the car.
C. Local Bank failed to properly perfect a security interest in the car because Prudence didn’t sign a security agreement.
D. Local Bank possesses a proper security interest in the car because it was unnecessary for the Bank do anything other than loan Prudence the money.

8. Ken plans to file for Chapter 7 bankruptcy. Ken owns his own home, which is currently worth $110,000, upon which Ken owes $100,000. Ken plans to reaffirm the debt on his home. Ken also owns a 20002 Lexus, worth $30,000. Ken owes no money on the Lexus. Which of the following is true about this set of facts?
A. Ken may exempt the equity in his residence, but may not exempt the full value of the car.
B. Ken may exempt the equity in his residence and the full value of the car.
C. Ken may not exempt the equity in his residence or the full value of the car.
D. Ken may not exempt the equity in his residence, but may exempt part of the value of the car.

9. Buddy agreed to loan Mario money to purchase some vacant land. Mario signed an agreement stating that Buddy possessed a security interest in the land, and describing where the land is located. Buddy loans Mario $10,000, and Mario purchased the land. Which of the following is true about this set of facts?
A. Buddy does not have a security interest in the land because a valid security agreement wasn’t signed by Mario.
B. Buddy created a valid security interest in the land because all of the requirements for creating such an interest were met.
C. Buddy does not have a security interest in the land because the debtor must have rights in the collateral.
D. Buddy created a valid security interest in the land because merely loaning Mario the purchase money for the land created a security interest.

10. Leslie approaches Big Bank about borrowing money for her new daycare business. The bank is unsure about the business venture, and will approve the loan only if Leslie’s business partner, Amy, cosigns the loan. Leslie and Amy agree that if Amy has to make any loan payments, Leslie will reimburse Amy. Amy is best described as a
A. guarantor               C. surety
B. creditor               D. single debtor

11. Bob grows wheat for a living. Wheat farming constitutes 100% of Bob’s gross income. Bob formed a closely held corporation to conduct his farming business, and he owns 100% of the corporation. Unfortunately, Bob has fallen into debt, with 85% of his debts due to his farming business. Bob’s total debts are approximately $1 million. Which type of bankruptcy would be best for Bob?
A. Chapter 7               C. Chapter 13
B. Chapter 11               D. Chapter 12

12. Middle Bank failed to loan Farmer Ted money to see him through until his crop is harvested. Farmer Ted agrees that in exchange for the loan, Middle Bank may have a security interest in his crop. Middle Bank files a form with the proper state or local official listing Farmer Ted’s name, and stating that he owes Middle Bank $5,000. Which of the following is true regarding this set of facts?
A. Middle Bank failed to properly perfect a security interest because the financing statement has no signature, address, or proper description of collateral.
B. Middle Bank failed to properly perfect a security interest because the financing statement has no proper description of collateral.
C. Middle Bank properly perfected a security interest because the financing statement filed listed all of the relevant information.
D. Middle Bank didn’t need to file anything with the appropriate state or local official because Middle Bank made a farm loan to Farmer Ted.

13. Kellen loans Kaitlyn $5,000. Kellen and Kaitlyn agree that if Kaitlyn fails to pay Kellen back within 2 years, Kellen may take possession of Kaitlyn’s automobile. Kellen takes all of the necessary steps to ensure that his interest in the automobile are protected by the agreement. Which of the following is true regarding this set of facts?
A. Kaitlyn is the secured party in this agreement.
B. Kellen is the debtor in this agreement.
C. Kellen possesses a security interest in the automobile.
D. Kaitlyn possesses a security interest in the automobile.

14. Liza borrows money form First Finance Company for miscellaneous expenses. Liza and First finance agree that Liza’s diamond ring shall serve as collateral for the loan. Two weeks later, Liza takes a loan from Second Finance Company listing the same diamond ring as collateral. Neither First finance nor Second Finance take any additional steps. Liza defaults on both loans. Second Finance attaches (seeks to enforce an item’s security interest) the diamond ring. One day later, First Finance seeks attachment of the diamond ring. Which of the following is true about this set of facts?
A. First Finance Company possesses the priority claim because it loaned the money to Liza before Second Finance.
B. Second Finance Company possesses the priority claim because it attached the diamond ring first.
C. Neither finance company possesses a valid security interest in the diamond ring, and neither possesses any remedy due to the failure to file a security interest.
D. Both First Finance and Second Finance possess equal rights in the diamond ring and must equally divide any proceeds from the sale of the ring.

15. Jan is filing for Chapter 7 bankruptcy protection. Jan owns her own home, which is worth $75,000, and upon which Jan also a $20,000 diamond ring, which was given to her by her ex-husband. Which of the following is true about Jan’s bankruptcy?
A. Jan may exempt her equity in the home, but she shouldn’t be able to exempt the full value of the diamond ring.
B. Jan may not exempt the full value of the equity in the home or the full value of the diamond ring.
C. Jan may exempt a portion of the value of the diamond ring, but she may not exempt the full value of her equity in the home.
D. Jan may exempt the full value of the equity in her home and the full value of the diamond ring.

16. Larry borrowed $10,000 from Jack. At the time of the loan, Larry signed a agreement promising to pay back the $10,000 in full within one year. After two years, Larry still hasn’t paid Jack back. To seek repayment of the debt, Jack should first seek a/an
A. artisan’s lien.               C. writ of execution.
B. mechanic’s lien               D. judicial lien

17.Dana borrowed money from Jennifer. Dana signs a security agreement giving Jennifer a security interest in Dana’s father’s stereo system to secure the loan. Which of the following statements is true about this set of facts?
A. A security interest in Jennifer’s favor was created because all of the requirements were met.
B. A security interest wasn’t created in Jennifer’s favor because the debtor must have rights in the collateral.
C. A security interest in Jennifer’s favor was created because Jennifer loaned money to Dana, and the two formed an oral agreement.
D. A security interest wasn’t created in Jennifer’s favor because the secured party must give value.

18. Small Bank loaned money to Steve, and Steve signed a security agreement giving Small Bank a security interest in his tools. Small Bank took all of the necessary steps to perfect (protect) its security interest. Steve defaulted on the loan. Which of the following is true about this set of facts?
A. Small Bank may take possession of only the tools.
B. Small Bank may take possession of the tools and/or seek a judicial judgment.
C. Small Bank may seek only a judicial judgment.
D. Small Bank has no recourse regarding the tools because its loan wasn’t for purchase money.

19. Billy borrowed money from First Bank, and he entered an agreement listing his scooter as collateral. First Bank took all necessary steps to properly perfect its security in the scooter on the day of the loan. The next day, Billy borrowed money from Second Bank, and he entered an agreement listing the same scooter as collateral. Second Bank also took all necessary steps to properly perfect its security in the scooter on the day of the loan. Billy defaults on both loans, defaulting on Second Bank and then on First Bank. Which of the following is true about this set of facts?
A. Neither bank possesses a right to repossess the scooter because Billy listed it as collateral with both banks.
B. Second Bank possesses the priority claim because Billy defaulted on Second Bank first.
C. First Bank possesses the priority claim because it was the first to perfect its security interest.
D. First Bank possesses the priority claim because it was the first bank to make the loan that listed the scooter as collateral.

20. Johnny and David entered an agreement in which Johnny agreed to pay David for repairing the roof on Johnny’s house. Upon completion of the work, Johnny refused to pay. David should seek a/an _________ lien.
A. artisan’s               C. mechanic’s
B. judicial               D. execution
Expert:  JoeLawyer replied 6 years ago.

It has been awhile since I had Commercial Law, so I am going from memory. Use my responses as suggestions...


1. Hope approached Jonathan, a newly hired loan officer, regarding a loan to purchase a new big-screen television. Jonathan agrees to lend Hope $1,800 for the television, and gives Hope a check for that amount. Hope proceeds to the electronics store and purchases the television. Why doesn't Jonathan possess a security interest in the television?

A. Jonathan failed to either obtain possession of the television or to obtain a security agreement signed by Hope.
B. Jonathan failed to give Hope value to ensure that the security interest was properly created.
C. Hope doesn't have rights in the collateral, which is required for a security interest to be properly created.
D. Hope failed to give Jonathan the information needed to properly perfect the security interest.

A - Jonathan did not make Hope execute a security agreement

2. Which one of the following statements is true regarding bankruptcy?
A. Only individuals may file for Chapter 7 bankruptcy.
B. Chapter 11 bankruptcy is most commonly filed by individuals.
C. Chapter 12 generally applies to corporations.
D. Chapter 13 results in full or partial payment to most creditors.

D - corporations can file 7, so not A, individuals usually file 7, so not B, and Ch 12 is for farmers, not corporations, so not C

3. Josey borrowed money from First Bank to purchase a ski boat. First Bank perfected a security interest in the ski boat. Ten days before First Bank perfected its security interest in the ski boat. Josey went to Local Finance Company and borrowed money there, listing the ski boat as collateral. Local finance Company perfected a security interest in the ski boat on the same day. Josey defaulted on both loans. According to the law, what should happen to the ski boat?
A. First Bank will take the ski boat because it was the first to perfect.
B. Local Finance Company will take the ski boat because it was the first to perfect.
C. First Bank will take the ski boat because it has a purchase-money security interest.
D. Local Finance Company will take the ski boat because it has a purchase-money security interest.

A - I think, it has been awhile since I had commercial law, but since Josey did not have rights in the collateral when he went to Local Finance, I do not think the sec int it had was valid. It is also true that First Bank has a PMSI.

4. Toni contacted a local attorney, and retained the attorney to assist her in filing for Chapter 7 bankruptcy. Which one of the following will apply to Toni?
A. The information of a creditors' committee
B. The formation of a reorganization plan
C. Confirmation of a reorganization plan
D. A meeting of the creditors

D - creditor's committe is Ch 11 only, so not A, and the plan is in Chs 11 and 13, so not B or C

5. Chuck lent money to Pam so that Pam could purchase a DVD player. Based upon an agreement signed by Pam, Chuck perfected a security interest in the DVD player. Which of the following is true about this set of facts?
A. Chuck is the debtor in this scenario.
B. Chuck is the secured party in this scenario.
C. Pam is the co-debtor in this scenario.
D. Pam is the secured party in this scenario.

B - Chuck is the creditor and Pam is the debtor, so not A or D, no one co-signed with Pam, so not C

6. Jackie seeks to borrow money from Smalltown Bank to finance repairs for her car. Because Jackie's credit rating isn't yet fully established, Smalltown Bank will approve the loan only if Jackie's father, Fred, signs an agreement stating that if Jackie fails to pay the loan, he will pay the loan in full. Fred is best classified as a
A. surety. C. guarantor.
B. creditor. D. co-debtor.

D - Co-debtor

7. Prudence purchased an automobile with money borrowed from Local Bank. Local Bank loaned Prudence the money because she told the bank she intended to purchase a car Prudence and Local Bank agreed that the bank would take a security interest in the car until the loan was paid in full. Accordingly, Prudence signed an agreement with the bank setting forth these terms. Which of the following is true about this set of facts?
A. Local Bank failed to properly perfect a security interest in the car because it failed to properly file a financing statement.
B. Local Bank possesses a proper security interest in the car because Local Bank has a purchase-money security interest in the car.
C. Local Bank failed to properly perfect a security interest in the car because Prudence didn't sign a security agreement.
D. Local Bank possesses a proper security interest in the car because it was unnecessary for the Bank do anything other than loan Prudence the money.

B - I think, Local Bank possesses a proper security interest in the car because Local Bank has a purchase-money security interest in the car even though it is not perfected until the bank is on the certificate of title for the vehicle

8. Ken plans to file for Chapter 7 bankruptcy. Ken owns his own home, which is currently worth $110,000, upon which Ken owes $100,000. Ken plans to reaffirm the debt on his home. Ken also owns a 20002 Lexus, worth $30,000. Ken owes no money on the Lexus. Which of the following is true about this set of facts?
A. Ken may exempt the equity in his residence, but may not exempt the full value of the car.
B. Ken may exempt the equity in his residence and the full value of the car.
C. Ken may not exempt the equity in his residence or the full value of the car.
D. Ken may not exempt the equity in his residence, but may exempt part of the value of the car.

A probably based on most States laws - I don't think you can answer this definitively without knowing what state in which Ken is filing bankruptcy. Each State determines what assets can be exempted if you file bankruptcy in that State. Generally, you can exempt $10,000 worth of equity in residential real estate, but I don't think most states have sufficient exemptions to let one protect a $30,000 car outright, so A is most likely.

9. Buddy agreed to loan Mario money to purchase some vacant land. Mario signed an agreement stating that Buddy possessed a security interest in the land, and describing where the land is located. Buddy loans Mario $10,000, and Mario purchased the land. Which of the following is true about this set of facts?
A. Buddy does not have a security interest in the land because a valid security agreement wasn't signed by Mario.
B. Buddy created a valid security interest in the land because all of the requirements for creating such an interest were met.
C. Buddy does not have a security interest in the land because the debtor must have rights in the collateral.
D. Buddy created a valid security interest in the land because merely loaning Mario the purchase money for the land created a security interest.

B - I think but this one is tough. I don't think A is correct because it says an agreement was signed in the question, can we assume it is valid? I don't think C is correct because you don't have to have rights in the collateral before you get a PMSI as long as you acquire them contemporaneously with the loan, if so then all loans would be Non-PMSI's. I don't think D is correct because merely loaning money does not create a security interest. Generally land transactions are different then regular security interests, involving recorded mortgages.

10. Leslie approaches Big Bank about borrowing money for her new daycare business. The bank is unsure about the business venture, and will approve the loan only if Leslie's business partner, Amy, cosigns the loan. Leslie and Amy agree that if Amy has to make any loan payments, Leslie will reimburse Amy. Amy is best described as a
A. guarantor C. surety
B. creditor D. single debtor

A - Guarantor I think; She is definitely not a creditor, so not B. I do not think she is a Surety because she is unable to assert defenses to the enforcement of the instrument not available to the maker of the instrument, so not C, and she is not the only debtor on the loan, so not D.

11. Bob grows wheat for a living. Wheat farming constitutes 100% of Bob's gross income. Bob formed a closely held corporation to conduct his farming business, and he owns 100% of the corporation. Unfortunately, Bob has fallen into debt, with 85% of his debts due to his farming business. Bob's total debts are approximately $1 million. Which type of bankruptcy would be best for Bob?
A. Chapter 7 C. Chapter 13
B. Chapter 11 D. Chapter 12

A - Chapter 7; While Chapter 12 is for farmers if a high enough percentage of their income comes from farming, Bob does not really own the farming operation, the corp does and it cannot file Chapter 12

12. Middle Bank failed to loan Farmer Ted money to see him through until his crop is harvested. Farmer Ted agrees that in exchange for the loan, Middle Bank may have a security interest in his crop. Middle Bank files a form with the proper state or local official listing Farmer Ted's name, and stating that he owes Middle Bank $5,000. Which of the following is true regarding this set of facts?
A. Middle Bank failed to properly perfect a security interest because the financing statement has no signature, address, or proper description of collateral.
B. Middle Bank failed to properly perfect a security interest because the financing statement has no proper description of collateral.
C. Middle Bank properly perfected a security interest because the financing statement filed listed all of the relevant information.
D. Middle Bank didn't need to file anything with the appropriate state or local official because Middle Bank made a farm loan to Farmer Ted.

C - I think, but again it has been a long time since I had Commercial Law

13. Kellen loans Kaitlyn $5,000. Kellen and Kaitlyn agree that if Kaitlyn fails to pay Kellen back within 2 years, Kellen may take possession of Kaitlyn's automobile. Kellen takes all of the necessary steps to ensure that his interest in the automobile are protected by the agreement. Which of the following is true regarding this set of facts?
A. Kaitlyn is the secured party in this agreement.
B. Kellen is the debtor in this agreement.
C. Kellen possesses a security interest in the automobile.
D. Kaitlyn possesses a security interest in the automobile.

C - this one was kind of obvious so I won't expound

14. Liza borrows money form First Finance Company for miscellaneous expenses. Liza and First finance agree that Liza's diamond ring shall serve as collateral for the loan. Two weeks later, Liza takes a loan from Second Finance Company listing the same diamond ring as collateral. Neither First finance nor Second Finance take any additional steps. Liza defaults on both loans. Second Finance attaches (seeks to enforce an item's security interest) the diamond ring. One day later, First Finance seeks attachment of the diamond ring. Which of the following is true about this set of facts?
A. First Finance Company possesses the priority claim because it loaned the money to Liza before Second Finance.
B. Second Finance Company possesses the priority claim because it attached the diamond ring first.
C. Neither finance company possesses a valid security interest in the diamond ring, and neither possesses any remedy due to the failure to file a security interest.
D. Both First Finance and Second Finance possess equal rights in the diamond ring and must equally divide any proceeds from the sale of the ring.

B - if memory serves me correctly since I believe attachment breaks the tie

15. Jan is filing for Chapter 7 bankruptcy protection. Jan owns her own home, which is worth $75,000, and upon which Jan also a $20,000 diamond ring, which was given to her by her ex-husband. Which of the following is true about Jan's bankruptcy?
A. Jan may exempt her equity in the home, but she shouldn't be able to exempt the full value of the diamond ring.
B. Jan may not exempt the full value of the equity in the home or the full value of the diamond ring.
C. Jan may exempt a portion of the value of the diamond ring, but she may not exempt the full value of her equity in the home.
D. Jan may exempt the full value of the equity in her home and the full value of the diamond ring.

Again this is very State-specific; Most states cap the amount of equity in real estate and personal property you can keep, so both items may be in trouble. However, there are some states which I believe allow you to exempt an very high amount of homestead equity (Florida and Texas I heard), so maybe A is the closest to correct most of the time.

16. Larry borrowed $10,000 from Jack. At the time of the loan, Larry signed a agreement promising to pay back the $10,000 in full within one year. After two years, Larry still hasn't paid Jack back. To seek repayment of the debt, Jack should first seek a/an
A. artisan's lien. C. writ of execution.
B. mechanic's lien D. judicial lien

D - judicial lien

17.Dana borrowed money from Jennifer. Dana signs a security agreement giving Jennifer a security interest in Dana's father's stereo system to secure the loan. Which of the following statements is true about this set of facts?
A. A security interest in Jennifer's favor was created because all of the requirements were met.
B. A security interest wasn't created in Jennifer's favor because the debtor must have rights in the collateral.
C. A security interest in Jennifer's favor was created because Jennifer loaned money to Dana, and the two formed an oral agreement.
D. A security interest wasn't created in Jennifer's favor because the secured party must give value.

B - it was her dad's stereo so she could not pledge it as collateral

18. Small Bank loaned money to Steve, and Steve signed a security agreement giving Small Bank a security interest in his tools. Small Bank took all of the necessary steps to perfect (protect) its security interest. Steve defaulted on the loan. Which of the following is true about this set of facts?
A. Small Bank may take possession of only the tools.
B. Small Bank may take possession of the tools and/or seek a judicial judgment.
C. Small Bank may seek only a judicial judgment.
D. Small Bank has no recourse regarding the tools because its loan wasn't for purchase money.

B - it can repossess the tools on its non-PMSI and/or sue him

19. Billy borrowed money from First Bank, and he entered an agreement listing his scooter as collateral. First Bank took all necessary steps to properly perfect its security in the scooter on the day of the loan. The next day, Billy borrowed money from Second Bank, and he entered an agreement listing the same scooter as collateral. Second Bank also took all necessary steps to properly perfect its security in the scooter on the day of the loan. Billy defaults on both loans, defaulting on Second Bank and then on First Bank. Which of the following is true about this set of facts?
A. Neither bank possesses a right to repossess the scooter because Billy listed it as collateral with both banks.
B. Second Bank possesses the priority claim because Billy defaulted on Second Bank first.
C. First Bank possesses the priority claim because it was the first to perfect its security interest.
D. First Bank possesses the priority claim because it was the first bank to make the loan that listed the scooter as collateral.

C - First Bank perfected first, so it has priority

20. Johnny and David entered an agreement in which Johnny agreed to pay David for repairing the roof on Johnny's house. Upon completion of the work, Johnny refused to pay. David should seek a/an _________ lien.
A. artisan's C. mechanic's
B. judicial D. execution

C - mechanic's lien

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above (c) by Joseph Ross, all rights reserved.

 

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