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Fact Pattern 33-1Dina asks Edie to co-sign a credit application

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Fact Pattern 33-1 Dina asks Edie...
Fact Pattern 33-1
Dina asks Edie to co-sign a credit application so that she can borrow money and buy a truck from First Street Motors.
Refer to Fact Pattern 33-1. If Edie is a guarantor, then the guaranty is required to be in writing because of
Choose one answer.
a. the debtors right of redemption.
b. the co-signers right of contribution.
c. the creditors transfer of possession.
d. the Statute of Frauds.
Fact Pattern 33-1
Dina asks Edie to co-sign a credit application so that she can borrow money and buy a truck from First Street Motors.
Refer to Fact Pattern 33-1. If Edie signs the application only after language is included that requires First Street to exhaust its legal remedies against Dina before looking to her, then Edie is
Choose one answer.
a. a guarantor and a surety.
b. a guarantor only.
c. a surety only.
d. neither a guarantor nor a surety.
Fact Pattern 33-2
Alpha Corporation needs to borrow money to meet its payroll. Blair, Alphas owner, asks City Bank to loan Alpha the funds.
Refer to Fact Pattern 33-2. If City Bank insists that Blair sign the loan application to assume liability for payment whether or not Alpha defaults, Blair will be
Choose one answer.
a. not truly liable because she signed only at City Banks insistence.
b. primarily liable.
c. secondarily liable.
d. tertiarily liable.
Fact Pattern 33-3
Amy signs a lease on behalf of Business Start-up, Inc. (BSI), with Cool Properties, Inc. As part of the lease, Amy signs a document titled "GUARANTY," which states that it is "an absolute guaranty" of the leases performance.
Refer to Fact Pattern 33-3. If BSI stops paying the rent, liability for the unpaid rent will be assessed against
Choose one answer.
a. Amy and BSI.
b. BSI only.
c. Cool only.
d. no one.
Fact Pattern 33-4
Marys home is in a state that has a $30,000 homestead exemption. Mary defaults on a $60,000 debt that she owes to Nina. Marys home is sold at auction for $80,000.
Refer to Fact Pattern 33-4. If Nina recovers less than she is owed, she can realize the difference from
Choose one answer.
a. any property that Mary owns.
b. only exempt property that Mary owns.
c. only nonexempt property that Mary owns.
d. property that any other member of Marys family owns.
Fact Pattern 33-4
Marys home is in a state that has a $30,000 homestead exemption. Mary defaults on a $60,000 debt that she owes to Nina. Marys home is sold at auction for $80,000.
Refer to Fact Pattern 33-4. Nina may recover
Choose one answer.
a. $0.
b. $30,000.
c. $50,000.
d. $60,000.
Bricks debt to Conry is past due. Conry brings a legal action against Brick to collect the debt. To ensure that a judgment in Conrys favor will be collectible, Conry asks the court to order the seizure of Bricks property. Exempt from such an order in most states is
Choose one answer.
a. all of Bricks personal property.
b. as much of Bricks personal property as Brick opts to exempt.
c. equipment that Brick uses in a business up to a specified amount.
d. none of Bricks personal property.
Daphne defaults on a debt to Country Loan Corporation (CLC). As a creditor, CLC can place liens on all of Daphnes property except
Choose one answer.
a. motor vehicles used to commute to work.
b. stock in various corporations.
c. items that the debtor selects.
d. vacant commercial property.
Fact Pattern 34-1
In January, Jazz Dance Studio owes Katy, its musical director, $1,800 for current wages, receives $700 as a down payment for dance lessons from Lora, and pays a Music, Inc., a sheet music supplier, $1,500 of $3,000 owed. In February, the studio files for bankruptcy under Chapter 7.
Refer to Fact Pattern 34-1. Based on the size of the studios estate in bankruptcy, each of Jazzs creditors will get only 10 percent of their claims. Regarding the payment to Music, Inc., the trustee may
Choose one answer.
a. not recover it because Musics claim has priority.
b. not recover it unless Music is an insider.
c. recover it as a fraudulent transfer.
d. recover it as a preference.
A petition for a discharge in bankruptcy under Chapter 11 may be filed by
Choose one answer.
a. Indomitable Insurance Company.
b. Pacific Mountain Railroad.
c. Solid State Bank.
d. Valley Credit Union.
AAA Auto Repair receives a discharge in bankruptcy, even though some creditors hold judgments on overdue debts against it and others filed actions to collect on overdue debts before the bankruptcy. AAAs discharge will
Choose one answer.
a. neither stop actions nor void judgments regarding overdue debts.
b. only stop actions to collect overdue debts.
c. only void uncollected judgments on overdue debts.
d. stop actions and void judgments regarding overdue debts.
Submitted: 5 years ago.Category: Legal
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Answered in 10 minutes by:
5/17/2012
Lawyer: Ellen, Lawyer, Consultant replied 5 years ago
Ellen
Ellen, Lawyer, Consultant
Category: Legal
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
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Thank you so much for your question

Here is my answer for comparison with your own:

1. the Statute of Frauds.
2 neither a guarantor nor a surety.
3 primarily liable.
4 Amy and BSI
5 only nonexempt property that Mary owns.
6 $50,000
7 equipment that Brick uses in a business up to a specified amount
8 items that the debtor selects
9recover it as a preference
10 Pacific Mountain Railroad.
11. stop actions and void judgments regarding overdue debts.

If you have any further questions, I am happy to assist you. You can start your new question with "for WebLaw" and send it to the appropriate legal, tax or homework category so that the question is directed to me and I can give your question my immediate attention

Thank you very much,
WebLaw
Ellen
Ellen, Lawyer, Consultant
Category: Legal
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
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