Need to Know

Question 1

Order of Foreclosure

Answer 1

1. Notice of Intention to Enforce Security -demand letter
2. Petition of Foreclosure -file, pay, serve
3. Order Nisi of Foreclosure
   - judgement -redemption period -6 months

Question 2

Banks two options

Answer 2

<1> Order Absolute of Foreclosure 
-mortgage holder becomes owner
-extinguishes all lower claims
<2> Order of Conduct of Sale
Court ordered sale (judicial sale)
-claims extinguished
-accounting
.property taxes.realtor commissions.legal cost.1st mortgage.surplus goes to owner.owner responsible for shortfall.

Question 3

5 Steps to Realizing Security

Answer 3

#1: Notice of Intention Realize Security
#2: Seizure by Bailiff
#3: 21 day redemption period
#4: Bailiff’s sale - cost debets, interest, surplus to owner, shortfall = the owner is responsible
#5: Exception: seize or sue rule - consumer items only

Question 4

PPSA

Answer 4

Online registry: Personal Property Security Act

-governs whenever you have loans on personal items

Question 5

Specific Security Agreement

Answer 5

• documents where someone who owes money pledges,
• specific listed assets
• traceable

Question 6

General Security Agreement

Answer 6

• pledge of all assets

- demand- crystallization of what is owned by the debtor on the day of DEMAND

Question 7

Seize or Sue rule

Answer 7

-option, if creditor decides to sue then their security is no longer valid

Question 8

Statutory Right of Way

Answer 8

-access -no dominant tenement -government and utilities

Question 9

Order Nisi of Foreclosure

Answer 9

-judgement -redemption period -6 months

Question 10

Limited partnership

Answer 10

• limited liability
• one partner is a general and one is a limited
• LP name can’t be on firm
• LP no say in management