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Yaeger REG > Quiz Mods 23-34 > Flashcards

Quiz Mods 23-34 Flashcards

1
Q

In most instance the insurable interest requirement is…2

A

1 satisfied by ownership

2 but not always the case

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2
Q

Example when insurable interest is satisfied without ownership

A

Long term lessee may have insurable interest

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3
Q

Common law requires that the insurable interest in property exist at…

A

Time loss occurs

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4
Q

Non-notification of the surety by the creditor of the release of collateral will…2

A

1 Release surety to extent it was damaged by non-notification

2 Which will likely be entire amount

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5
Q

When the surety has assumed that the creditor had possession of collateral that could pay off the debt and was not notified by creditor of the change this would…

A

Adversely affect the risk of the surety

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6
Q

When the creditor failed to notify the surety of partial surrender of debtor’s collateral, the surety may have estimated…2

A

1 A much smaller potential financial risk and

2 the risk has changed without the knowledge of the surety

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7
Q

Fraudulent transfer 2

A

1 transfer made by debtor within 2 years prior to date of bankruptcy

2 debtor did not receive FV in exchange for asset

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8
Q

Copyrights are…

A

Personal property

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9
Q

Copyrights are personal property as they are the…

A

result of individual effort and initiative

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10
Q

Copyrights are not…

A

Not real property

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11
Q

Plumbing fixture, while at one time personal property, when the fixtures were in the hardware store are transmuted into fixtures when they are permanently built into the building making them…

A

Real property

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12
Q

Common law considers air rights to be…

A

Realty

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13
Q

Realty generally includes the surface estate and estates below (mineral) and above the land (air rights) unless…

A

They’ve been severed

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14
Q

Example of estates have been severed

2) what are they still considered?

A

Oiled and gas rights have been sold

2) still considered real property

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15
Q

An endorsement that reads “Leo Gottlieb, without recourse, for collection only” is what kind of endorsement? Why?

A

Restrictive endorsement

Because it limits the rights of the next holder

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16
Q

An endorsement that reads “Leo Gottlieb, without recourse” is what kind of endorsement?

A

Qualified endorsement

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17
Q

When a mortgagor records the mortgage, that gives them rights against the…

A

Claims of subsequent bona Fide purchasers for value

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18
Q

Once of the defenses available to a responsible party under CERCLA is that…

2) what is this known as?

A

The occurrence was an act or omission of a Third Party

2) Third Party Defense

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19
Q

To make use of the Third-Party Defense, the responsible party must show that the…3

A

1 third party was solely responsible for hazardous condition

2 third party was not their employee

3 no contractual relationship exists with the third party

20
Q

Constructive trust, define 2

A

1 equitable device that calls for agent to be trustee of ill gotten
goods or

2 income for the principal

21
Q

Composition agreement AKA Composition of creditors 2

A

1 debtor enters into agreement with creditors, where debtor agrees
To pay creditors fraction of debt

2 agreement discharges debtor once debt is actually paid

22
Q

Assignment for benefit of creditors 2

A

1 transfer by debtor of all his assets to trustee

2 with assigned funds used to pay off outstanding debts

23
Q

Assignment for benefit of creditors does not have…

A

Does not have Effect of releasing debtor from debts

24
Q

Under the Bankruptcy Reform Act of 2005, a debtor is entitled to a homestead exemption of…

A

$21,625 indexed for inflation

25
Q

Voidable preference is…

A

A transfer made by debtor to creditor before debtor declared
Bankruptcy

26
Q

Voidable preference gives the creditor advantage…

A

Over other creditors

27
Q

When voidable preference occurs, the Federal Bankruptcy Code allows for…2

A

1 The trustee to set aside the security interest

2 which secures payment of obligation

28
Q

If a party creates and patents a new process and another party develops the same process independently without knowledge of the patent…

A

The first party to create the process will prevail

29
Q

BACT is the emission limitation that achieves maximum reduction of pollutants considering…3

A

1 energy

2 environmental

3 economic factors

30
Q

Absent Fraud by bankrupt debtor, the failure to list a creditor would…

A

Not revoke a debtor’s general discharge

31
Q

The debt owed to one creditor not listed will…

A

Not be discharged

32
Q

Contract rights which are personal to the individual…

A

Cannot be assigned

33
Q

OSHA may make an on-site inspection of a workplace at…

A

The request of employees

34
Q

An OSHA on-site inspection must be done either under…

A

1 authority of search warrant or

2 with consent of employer

35
Q

An OSHA search warrant may be issued as a result of…2

A

1 routine investigation

2 it need not be based on probable cause

36
Q

A security agreement must be in writing unless…

A

Unless the secured party has possession of the collateral

37
Q

If the secured party has possession of the collateral, she must…

A

Exercise reasonable care to preserve the collateral

38
Q

The secured party is also responsible to…2

A

1 send termination statement once debt is paid

2 communicate amount of unpaid debt at debtor’s request

39
Q

When a contract is assigned one party transfers rights under the contract to…

A

Another person who was not a party to the original contract

40
Q

Assigning a security interest to another person would…

A

Prevent the original secured party from collecting the debt owed

41
Q

When it comes to a Secured party assigning a security interest to another party…

A

The debtor cannot make this request

42
Q

The holder’s oral renunciation of that prior party’s liability does not…

A

Doesn’t discharge a prior party to a commercial instrument

43
Q

Cancellation of a prior party’s endorsement…

A

Does discharge prior party to the instrument

44
Q

Under the UCC Sales Article, the warranty of title may be excluded by the seller’s statement that…

A

It is selling only such right or title that it has

45
Q

The use of “as is”

A

Disclaimer designed to exclude implied warranty of merchantability

46
Q

The insurable interest doctrine has been developed to…

A

Prevent individuals from purchasing insurance in hopes that insured property has been damaged or destroyed

Yaeger REG (77 decks)

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