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Exam 31: Other Creditors Remedies and Suretyship

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Question 31

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A ________ is a contract between a creditor and a third party who agrees to pay another person's debt and is primarily liable for the debt whereas in a ________,a third party,must pay a debt only after the debtor has defaulted.

A) Certified agreement;suretyship
B) Guaranty;suretyship
C) Suretyship;guaranty
D) Guaranty;certified agreement
E) Certified agreement;guaranty

F) A) and D)
G) A) and C)

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Question 32

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Which of the following is NOT a requirement if a contractor decides to foreclose on a lien?

A) Consent of the homeowner to the original lien.
B) A timely foreclosure sale within state deadlines.
C) Notice of foreclosure to the homeowner.
D) Advertisement of the foreclosure sale.
E) Filing of a foreclosure action within a designated period of time after filing the lien.

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

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Question 33

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Which of the following is true regarding types of liens?

A lien that has priority over other types of liens is known as which of the following?

A claim on property either created by a sales contract or imposed by a court in the interest of fairness is called a[n] ________ lien.

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 a person hires a worker to make improvements on real property but is later unable to pay the worker,the worker can create a[n] lien on the person's improved real property.

A creditor who Pele borrowed money from went to court and asked for the court to bring Pele's checking account under court control until Pele had repaid the money due.This is an example of ________.

A secured interest is a[n] ________ lien.

JuTara owns a small carwash business.Due to severe dry weather,the price of water increased,and she had to increase her prices,and many customers stopped coming.JuTara had several creditors.She told them that she does not want to sell her property and that she would like to stay in business,but that she is considering bankruptcy unless her debts can be reduced.By what type of voluntary agreement would creditors receive only a percentage of the amount owed to them? What are the principles involving such an agreement,and why would a creditor consider such an agreement?

An order that permits the creditor to recover property beyond foreclosed property is what kind of judgment?

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?

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?

Discuss why a creditor would want to attach property as well as whether attachment is more often sought by secured or unsecured creditors and why.

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

[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?

A[n] ________ lien is a lien that is created solely through statute,regardless of whether the debtor wishes the lien to be created.

When can a creditor seek a writ of execution?

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?

Which of the following is NOT true of wage garnishment?