Exam 28: Creditors Rights and Remedies

Kyla's debt to Lark is past due.Lark obtains an order of garnishment to require Kyla's employer My Pi Pizza Restaurant to pay part of Kyla's paycheck to Lark.The law

Residence Painting Company has a claim against Stuart's property to satisfy a debt that takes priority over other claims against the same property.This is

If the debtor offers to pay the debt owed to a creditor but the creditor re?fuses the tender,the surety remains obligated on the debt.

Laurel defaults on a loan owed to Maverick Bank.As a creditor,Maverick may attempt to place liens on all of Laurel's property except

Payment of the principal obligation will not discharge the surety from the obligation.

A default occurs when a debtor fails to pay a creditor as promised.

Rosa and Sally agree to guarantee Timon's debt.Rosa's maximum liabil?ity is $30,000,and Sally's is $20,000.Timon owes $20,000 and is in default.Rosa pays the creditor the entire amount.In the ab?sence of an agree?ment to the contrary,Rosa can recover from Sally

Fact Pattern 28-1A (Questions A12-A15 apply) Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory.Estimable requires Flair,Dollar Value's president,sign a personal guaranty to pay the debt if Dollar Value defaults.Meanwhile,to buy a pick-up truck from Dollar Value,Gina asks Harper to co-sign a credit application. -Refer to Fact Pattern 28-1A.If Harper signs the application only after lan?guage is included that requires Dollar Value to exhaust its legal remedies against Gina before looking to her,then Harper is

A homestead exemption allows a debtor to subtract the value of the family home from the amount of a debt.

A surety is primarily liable for the debt of a principal.

An artisan's lien is possessory.

Fact Pattern 28-1A (Questions A12-A15 apply) Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory.Estimable requires Flair,Dollar Value's president,sign a personal guaranty to pay the debt if Dollar Value defaults.Meanwhile,to buy a pick-up truck from Dollar Value,Gina asks Harper to co-sign a credit application. -Refer to Fact Pattern 28-1A.If Flair is a guarantor,then the guaranty is re?quired to be in writing because of

Diego performs a contract with Elwood to add a swimming pool to Elwood's property,but Elwood does not pay.Diego can file a lien on Elwood's property if,from the last date labor or materials were provided,he acts

Fact Pattern 28-1A (Questions A12-A15 apply) Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory.Estimable requires Flair,Dollar Value's president,sign a personal guaranty to pay the debt if Dollar Value defaults.Meanwhile,to buy a pick-up truck from Dollar Value,Gina asks Harper to co-sign a credit application. -Refer to Fact Pattern 28-1A.If Harper signs the application but fails to con?di?tion her signature on Dollar Value's agreement to pursue its legal remedies against Gina before looking to her,then Harper is

Delia refuses to pay Ewing $500 in cash on their contract to repair certain theater sets,which Ewing still possesses.Ewing's lien on the sets will terminate

Liu and Midge-Nero's creditors-contract with Nero for the discharge of Nero's liquidated debts on payment of a lesser sum.This is

If a creditor surrenders collateral to the debtor without the consent of the guarantor,this can reduce the obligation of the guarantor.

An attachment is a court-ordered seizure and taking into custody of prop?erty prior to the securing of a judgment for a past-due debt.

Fact Pattern 28-1A (Questions A12-A15 apply) Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory.Estimable requires Flair,Dollar Value's president,sign a personal guaranty to pay the debt if Dollar Value defaults.Meanwhile,to buy a pick-up truck from Dollar Value,Gina asks Harper to co-sign a credit application. -Refer to Fact Pattern 28-1A.If,after the loan agreement is signed,Gina agrees to a higher rate of interest without telling Harper,then Harper is

Sydney borrows money from Rite Now Loan Company.For Rite Now to obtain a writ of execu?tion,Sydney must