Small claims final Exam CHapert 9 to 10 Flashcards
What are the three types of creditors?
Secured creditors, preferred creditors and ordinary creditors
What are secured creditors?
These are lenders who give loans to borrowers with the condition that the loan is backed by property like a house or a car owned by the borrower
What is the advantage of being a secured creditor?
Secured creditors have extra protection because they can take and sell property if the borrower can’t repay the loan.
What are preferred creditors?
Are owed money but don’t have collateral backing their loans. They get priority over other unsecured creditors due to special rights granted by law.
What are ordinary creditors?
These are creditors who have lent money without any collateral backing the loan, and they don’t have any special rights or priority status granted by law.
What are some examples of exigible assets?
Bank accounts
Real estate property
(such as land, houses, or buildings)
motor Vehicles
What are some examples of non exigible assets?
Certain types of income
(social assistance, child support, disability benefits)
Essential personal items
(clothing, furniture, household appliances)
Tools and equipment necessary for work or employment
What is a debtor’s examination?
a creditor to find out about a debtor’s current financial circumstances for enforcing a judgment
Who is a garnisher?
Person who
owes money to a debtor
Who is a garnishor?
A creditor who
enforces an order for
payment or recovery of
money
Who seizes personal property?
Bailiff
What is an improvident sale?
means a lender sells a debtor’s property for lower than market value.
What does Pro rata distribution?
means dividing money among creditors based on how much each is owed.
Where does the divisional court lie?
Appeals
What are direct examination questions?
Questions you ask your
own witnesses when they take the stand
