MEE

Question 1

How is a partnership formed?

Answer 1

2+ people carrying on as co-owners of a business for profit

Question 2

Is a trust principal more like a fee simple absolute or a remainder?

Answer 2

Remainder

Question 3

What are the requirements for creating a security interest?

Answer 3

1) security agreement
- written
- oral + possession (pledge)
- creditor takes control of deposit accounts/chattel paper/investment property

2) value given

3) debtor has rights in the collateral

Question 4

What are the requirements for a written security agreement?

Answer 4

1) record w/ intent to create security interest
2) signed by the debtor (smiley face)
3) description of the collateral that “reasonably identifies” it

Question 5

What is the lowest intermediate balance rule?

Question 6

Explain the three types of intestate succession.

Question 7

What is the rule for ademption, and what are its exceptions?

Question 8

How do you perfect a security interest in non-consumer deposit accounts?

Answer 8

ONLY way is by control

1) automatic control by the bank that maintains the account
2) putting account in secured party’s name
3) control agreement (giving secured party rights to control the account)

Question 9

What is hte business