Exam 9: Secured Transactions and Bankruptcy

Which of the following types of bankruptcy is frequently referred to as the reorganization bankruptcy?

When a surety pays a debtor's obligation, the surety is entitled to have the co-sureties pay to the surety their proportionate share of the obligation the surety paid to the creditor. This is known as the right of ___.

A guaranty for collection puts the guarantor in the same position as a surety.

Explain the following terms: Secured party, Security interest.

Discuss Chapter 11 bankruptcy.

What are the two most common types of guarantees?

A buyer has a receipt for goods that are being stored in a warehouse. He uses that receipt as collateral in another transaction. With reference to the various categories of indispensable paper, the receipt is most likely to be an example of a(n) ___.

Which of the following collaterals include literary rights, rights to performance of a contract, patents, trademarks, and copyrights?

When a surety pays the creditor upon the default of the debtor, the surety has the right of _____ against the debtor.

Which of the following statements is true regarding a Chapter 11 bankruptcy?

What are the various types of indispensable paper?

A security interest is said to attach once three of the following requirements are fulfilled. Which of the following is NOT one of the three necessary requirements?

A debtor cannot receive a second discharge if he or she received a discharge within eight years of filing for the second discharge.

Discuss the difference between a surety and a guarantor.

James has taken a loan of $10,000 from a bank with Julia and Robert as his sureties. Once the money becomes due, Julia seeks an order from the court ordering James to pay. In this example, Julia has used her right of ___.

Which of the following terms best represents a paper that evidences a right to payment of money that is not itself a security agreement?

Filing an involuntary bankruptcy triggers an automatic stay of the debts owed.

What is meant by perfecting a security interest? What is the difference between attachment of a security interest and perfection of a security interest?

What is meant by reaffirming a debt?

Discuss artisan's lien.