reg7 Flashcards
What is needed to form an agency?
1.) principal must have capacity 2.) agreement and consent of both parties
What type of bankruptcy(ies) requrie a trsutee?
Ch 7 and ch 13 NOT ch 11 (although there may be one)
Who is not allowed to file a ch 7 bankruptcy?
RIBS R-railroads S-savings institutions I-insurance companies B-banks
What are the requrments for a I,P,C to be involtuatirly forced into bankruptcy?
If fewer then 12 creditors 1 or more must be owed 14,425 in unsecured, unidsputed debt If 12 or more crediros, 3 must be owed 14,425 in unsecured, undistputed debt
What debts can not be dischared in bankruptcy?
WAFTED W-willful and malcicous injury A-alimony F-fraud T-taxes E-educational loans D-debts undisclosed in the bankruptcy petiton
What is the order of payment of creditors in a bankcurptcy case?
First secured creditors get their collatrial then SAG WEG CTI S-support obligations to spouse and kids A-administrative expenses of bankrupcy procedding G-gap credtiors W-wages up to 11,725 for each employee if earned within 180 days prior to filing E-exmployee benefit plan contributions up to 11,725 for each employee reduced by wage claims above G-frain farmers and fishermens claims up to 5.775 C-consumer deposits for goods paid for but not delivered up to 2.600 T-taxes I-injury claims caused by intoxiated riving
What securities are exemption from filing under the 1933 Securites Act?
BRINGS B-banks R-reguallted common carriers (like railroads) I-insurance policies N-not for profits G-government S-short termn commerical paper (like notes and bonds) with a maturity date of nine months or less
Under reguelration D, som private offerings of securites need not be regiestred. What is the difference between rules 504. 505, and 506 under this regulation?
504 - 1 million limit while 505 is limited to 5 milion, unlimited accredited invesntors but 35 or frewer unaccredited investors. Rule 506 is unlimited dollar amount, unlimited accredited investors, only 35 or fewer unaccredited but sophistacted investors (b/c of this 506 also requires an annual report containg audited F/S be sent to each investor if there is an unaccredited but sophistacted investor
What must be proved to succesful sure undr section 11 under the 1933 securites act?
LAM L-a loss was suffered A-the plaintiff acrquried the stock M-material misrepresentation or material omission of fact occurred
What type of companies must regeister under the 1934 securexit exchange act?q
1.) comapines whose shares are publiacily traded on a ntaional exchange 2.) at least 500 shareholders and more than 10 million in assets
