Debtor-Creditor Relationships Flashcards
1
Q
Public Official Bond
A
Obligation of surety
Surety guarantees a public official will faithfully execute gov’t duties
2
Q
Preferential Transfer
A
Payment on pre-existing debt (NOT a MORTGAGE)
Within 90 days of filing bankruptcy
3
Q
Composition Agreement
A
Creditors accept a smaller amount of debt from creditors as full settlement on the debt owed
4
Q
Assignment for the Benefit of Creditors
A
Debtor volunteers to transfer assets to trustee. Trustee sells to pay creditors. Debtor has to pay any remaining balance.
5
Q
Writ of Attachment
A
Creditor is allowed to repossess property prior to a judgment for past-due debt
6
Q
A
