General Business Law II* Flashcards
What is the UCC (Uniform Commercial Code)
A comprehensive body of statutory recommendations to govern commercial transactions within the United States and its territories
Includes provisions related to…
- contract formation and breach
- negotiable instruments
- lease and sale of personal property (not real property)
- ownership of securities
Uniform Commercial Code Financing Statement (UCC-1)
legal instrument is used for personal property in the same that a mortgage may be used for real property.
also comes into play when purchases shares in a coop
What is a negotiable instrument?
An unconditional promise or order to pay a fixed amount of money
What are the two ways property transfers upon death of the owner?
Descent and Devise
Descent
when a person dies without a will, his property automatically descends to his natural heirs or next of kin as provided for by state law, which would include spouses, children, and relatives
Devise
when a person dies with a will, the property is transferred to heirs (the devisees) as indicated in the will
Probate
the process of proving the validity of a will
Escheat
when property ownership reverts to the state because a person dies intestate without leaving a valid will and no living heirs
Administrators handle intestate estates
Executors handle testate estates
Distributees benefit from intestate estates
Testator makes a will
Hank wrote a will leaving everything to his son. When Hank dies, his wife can……
exercise her right of election and receive the one-third of the net estate
A valid will must be made by a testor who….
is of sound mind and memory
If a New Yorker dies intestate, married with two children, what does the spouse receive?
$50K plus one half of the remainder of the estate
When a will is contested, the issue is most often….
the validity of the will.
Your role as a real estate broker in property held by an estate is…
to list property the executor or administrator has the power to sell
