Exam 54: Creditors Rights and Bankruptcy

Olivia borrows $25,000 from the U.S. Department of Education to help pay for her education at Public University. She signs a note payable to DOE for the amount of the loan plus interest. The loan may be canceled if she is

Hailey, a U.S. citizen, buys John Lennon's piano from Kent, who is in Great Britain. Particularly useful to Hailey, who would prefer to conduct this deal as a secured transaction, is

Rita borrows $20,000 from the U.S. Department of Education to help pay for her education at State University. She signs a note payable to DOE for the amount of the loan plus interest. The loan may be discharged if

Bern defaults on his debt to Credit Loan Company. The creditor obtains a judgment against Bern, who immediately moves to another state. Generally, the judgment will be

Lon borrows funds through the U.S. Department of Education (DOE)to pay for his education. He defaults on the loan. DOE

Maria borrows funds through the U.S. Department of Education (DOE)to pay for her education. She defaults on the loan. In some states

Dora defaults on her debt to EZ Credit Company. The lender obtains a judgment against Dora, who quickly moves to another state. The judgment is domesticated in Dora's new location. If the lifespan of the judgment lapses before it can be collected, the domestication

Reid buys a car from Skye online. To assure that the car is delivered in the condition promised, Reid

Robert borrows $15,000 from State College to help pay for his education. He signs a note payable to the school for the amount of the loan plus interest. Robert defaults, and the school transfers the note to a collection agency. This means that

Beth borrows $10,000 from the U.S. Department of Education to help pay for her education at Community College. She signs a note payable to DOE for the amount of the loan plus interest. The borrower will be considered in default if she fails to