Debtor-Creditor Relationship Flashcards
- Which of the following liens generally require(s) the lienholder to give notice of legal action before selling the debtor’s property to satisfy the debt?
Mechanic’s Lien Artisan’s Lien
a. Yes Yes
b. Yes No
c. No Yes
d. No No
a. Yes Yes
(a) A mechanic’s lien is a statutory lien against realty that secures an unpaid debt arising from a contract for labor, materials, or services to improve the property.
An artisan’s lien arises in favor of a repairer or improver of personal property who retains possession of the property until paid. Failure to pay the debt permits the lienholder to foreclose on the property and sell it.
Statutes require notice to the owner prior to foreclosure and sale.
- Sorus and Ace have agreed, in writing, to act as guarantors of collection on a debt owed by Pepper to Towns, Inc. The debt is evidenced by a promissory note. If Pepper defaults, Towns will be entitled to recover from Sorus and Ace unless
a. Sorus and Ace are in the process of exercising their rights against Pepper.
b. Sorus and Ace prove that Pepper was insolvent at the time the note was signed.
c. Pepper dies before the note is due.
d. Towns has not attempted to enforce the promissory note against Pepper.
d. Towns has not attempted to enforce the promissory note against Peppe
약속 어음
a. 권리행사를 해야한다 2차 책임자라서 Pepper debtor b. 지급 불능 상태 증명 필요 없음 c. personal defense -debtor만 사용 가능
guarantors 니까 2차 책임
먼저 Pepper,debtor에게 요구한다 그 다음에 Sorus and Ace
- Which of the following defenses would a surety be able to assert successfully to limit the surety’s liability to a creditor?
a. A discharge in bankruptcy of the principal debtor.
b. A personal defense the principal debtor has against the creditor.
c. The incapacity of the surety.
d. The incapacity of the principal debtor.
c. The incapacity of the surety
보증인의 항변사유
debtor’s personal defense x
a. debtor만 사용 가능
b. A personal defense 불가
- If a debtor defaults and the debtor’s surety satisfies the obligation, the surety acquires the right of
a. Subrogation.
b. Primary lien.
c. Indemnification.
d. Satisfaction
a. Subrogation 대위
b. Primary lien.우선적 담보권
- A distinction between a surety and a co-surety is that only a co-surety is entitled to
a. Reimbursement (indemnification).
b. Subrogation.
c. Contribution.
d. Exoneration.
a. Reimbursement (indemnification)
d. Exoneration.
보증인이 원 채무자에게 갚으라고 요구
보증액수 만큼 갚고
공동 보증인에게
contribution
- A distinction between a surety and a co-surety is that only a co-surety is entitled to
a. Reimbursement (indemnification).
b. Subrogation.
c. Contribution.
d. Exoneration.
c. Contribution.
d. Exoneration.
보증인이 원 채무자에게 갚으라고 요구
보증액수 만큼 갚고 공동 보증인에게 비율 갚은 만큼 contribution a. Reimbursement (indemnification). b. Subrogation. 둘 다 보증인-채무자 관계
- Sklar borrowed $360,000 from Rich Bank. At Rich’s request, Sklar entered into an agreement with Aker, Burke, and Cey to act as co-sureties on the loan. The agreement between Sklar and the co-sureties provided that the maximum liability of each co-surety was Aker, $72,000; Burke,
$108,000; and Cey, $180,000. After making several payments, Sklar defaulted on the loan. The balance was $240,000. If Cey pays $180,000 and Sklar subsequently pays $60,000, what amounts may Cey recover from Aker and Burke?
a. $0 from Aker and $0 from Burke.
b. $60,000 from Aker and $60,000 from Burke.
c. $48,000 from Aker and $72,000 from Burke.
d. $36,000 from Aker and $54,000 from Burke.
d. $36,000 from Aker and $54,000 from Burke.
co-sureties
A:0.2
B:0.3
C:0.5
36,000
54,000
- Ingot Corp. lent Flange $50,000. At Ingot’s request, Flange entered into an agreement with Quill and West for them to act as compensated co-sureties on the loan in the amount of
$100,000 each. Ingot released West without Quill’s or Flange’s consent, and Flange later defaulted on the loan. Which of the following statements is true?
a. Quill will be liable for 50% of the loan balance.
b. Quill will be liable for the entire loan balance.
c. Ingot’s release of West will have no effect on Flange’s and Quill’s liability to Ingot.
d. Flange will be released for 50% of the loan balance.
- (c) Contribution is the right of a co-surety who has paid more than his or her proportionate or agreed- to share to proceed against the other co-sureties to recover their share.
c. Ingot’s release of West will have no effect on Flange’s and Quill’s liability to Ingot.
co-sureties
채권자 보증인 뺄 수 있음
creditor가 손해
- Payne borrowed $500 from Onest Bank. At the time the loan was made to Payne, Gem orally agreed with Onest that Gem would repay the loan if Payne failed to do so. Gem received no personal benefit as a result of the loan to Payne. Under the circumstances,
a. Gem is secondarily liable to repay the loan.
b. Both Gem and Payne are primarily liable to repay the loan.
c. Gem is free from liability concerning the loan.
d. Gem is primarily liable to repay the loan
c. Gem is free from liability concerning the loan.
구두로 계약 orally
surety
효력이 없음
- Wright cosigned King’s loan from Ace Bank. Which of the following events would release Wright from the obligation to pay the loan?
a. Ace seeks payment of the loan only from Wright.
b. King is granted a discharge in bankruptcy.
c. Ace is paid in full by King’s spouse.
d. King is adjudicated mentally incompetent.
c. Ace is paid in full by King’s spouse.
빚이 없어져서
채무 사라짐
b. King is granted a discharge in bankruptcy.
보증인이 사용 불가
- A state homestead exemption ordinarily could exempt a debtor’s equity in certain property from post-judgment collection by a creditor. To which of the following creditors will this exemption apply?
Valid Home Mortgage Lien Valid IRS Tax Lien
a. Yes Yes
b. Yes No
c. No Yes
d. No No
- (d) State homestead exemption acts ordinarily exempt a debtor’s equity in his or her home from post- judgment collections by a creditor. However, these acts generally do not apply to a holder of a valid mortgage against the home or a valid IRS tax lien.
d. No No
- Tom planned to dump the excess cement from his cement truck. On the way to the dump, he noticed Ann’s dirt driveway. Tom quickly drove onto Ann’s lawn, dumped the cement, and paved the driveway. The next day, Tom sent Ann an invoice for paving. Ann refused to pay the invoice. Which of the following is true?
a. Tom is the holder of a materialman’s lien.
b. Tom has an artisan’s lien.
c. A mechanic’s lien was created in favor of Tom by operation of law.
d. Tom does not have a mechanic’s lien.
- (d) A mechanic’s lien results if the improver of real property performs work under a contract and is not paid. Some jurisdictions require the contract to be in writing. Because Tom paved the driveway without entering into a contract, a mechanic’s lien did not arise.
