Question:The first-in-time rule means that the first creditor to file or protect his or her interest will have ________ in the collateral.
A purchase option.Superiority.Priority.Immediate ownership interest.
1 points
QUESTION 5
A forced sale of a defaulting debtor’s property at the insistence of the creditor is a _______.
Liquidation sale.Foreclosure.Hostile takeover.Declaratory judgment proceeding.
1 points
QUESTION 6
Items of personal property and fixtures used as security are called ______.
Obligations.Collateral.Consumer goods.Real property.
1 points
QUESTION 7
A secured party with a PMSI who repossess consumer goods on which 60% of the purchase price has been paid must sell the goods within ________________days after repossession.
10306090
1 points
QUESTION 8
A ________ is a sales transaction arranged by the seller to benefit a buyer who pays an unreasonably low price for the item sold.
Fraud in the inducement.Blue Sky transfer.Sale under duress.Sham sale.
1 points
QUESTION 9
Which of the following would not be classified as a tangible good under Article 9?
Consumer goodEquipmentInventoryChattel paper
1 points
QUESTION 10
Which of the following is the order in which proceeds from a foreclosure sale will be applied?
The unpaid debt; expenses of the secured party to repossess and sell; inferior security interests; the debtorThe unpaid debt; inferior security interests; expenses of the secured party to repossess and sell; the debtorExpenses of the secured party to repossess and sell; the unpaid debt; inferior security interests; the debtorExpenses of the secured party to repossess and sell; inferior security interests; the unpaid debt; the debtor
1 points
QUESTION 11
A _________ is created when a security agreement describes the collateral as including property acquired in the future by the debtor.
Conditional obligation.Floating Lien.Pledge.Balloon payment.
1 points
QUESTION 12
A _________ takes free of a security interest created by his seller, even though the security interest is perfected and the buyer knows of its existence.
Reasonably prudent consumer.Buyer in the ordinary course of business.Fair market value buyer.Holder in due course.
1 points
QUESTION 13
If a foreclosure sale is commercially reasonable but does not produce enough to satisfy the debtor’s debts, the _______ is liable for any deficiency.
Debtor.Creditor.Bank.Federal Government.
1 points
QUESTION 14
When a ________ is purchased, a bonding company promises to pay an employer any loss, not to exceed a stated amount, caused by the covered employees’ embezzlement.
Performance bond.Fidelity bond.Security agreement.Nonperformance bond.
1 points
QUESTION 15
A ________ promises to be liable to the creditor only in the event that the surety refuses to perform and thereby defaults.
Debtor.Co-surety.Subsurety.Obligee.
1 points
QUESTION 16
Which of the following parties could claim an artisan’s lien?
A common carrier of goods.A jeweler who repaired a watchThe owner of a storage facilityAll of the above are eligible for an artisan’s lien.
1 points
QUESTION 17
In a _______, a creditor must have made reasonable but unsuccessful attempts to collect from the principal before the guarantor can be held liable.
Absolute guaranty.Unconditional guaranty.Conditional guaranty.Satisfaction guaranty.
1 points
QUESTION 18
________ is a proceeding by which a plaintiff seeks to reach the assets of the defendant that are in the hands of a third party.
Execution.Levy.Garnishment.Foreclosure.
1 points
QUESTION 19
If a judgment for dollar damages is not paid, the judgment creditor may apply for a ______.
Default judgment.Writ of Execution.Writ of Habeas Corpus.Writ of first refusal.
1 points
QUESTION 20
A ________ promises to be liable to the creditor only in the event that the surety refuses to perform and thereby defaults.
Debtor.Co-surety.Subsurety.Obligee.
1 points
QUESTION 21
If a judgment for dollar damages is not paid, the judgment creditor may apply for a ______.
Default judgment.Writ of Execution.Writ of Habeas Corpus.Writ of first refusal.
1 points
QUESTION 22
Jo and Anna, who are mother and daughter, are co-owners of Joanna’s Frocks. When the bank loaned money to the business, Jo and Anna agreed to be sureties on the loan. Under the loan agreement, Anna will be liable only if Jo defaults on her obligation as a surety. Anna is a __________on the loan.
General guarantor Special guarantor Co-surety Sub-surety
1 points
QUESTION 23
In a _______, a creditor must have made reasonable but unsuccessful attempts to collect from the principal before the guarantor can be held liable.
Absolute guaranty.Unconditional guaranty.Conditional guaranty.Satisfaction guaranty.
1 points
QUESTION 24
A lien for the value of material and labor expended in the construction of buildings and other improvements is a _________.
Artisan’s lien.Mechanic’s lien.Suretyship.Right of redemption.
1 points
QUESTION 25
Jason has filed suit against Luke claiming $50,000 in damages. While the claim is being litigated, Jason can ask the court for a writ to seize property belonging to Luke which could be used to satisfy a judgment. The seizure prevents Luke from selling or otherwise disposing of the property during the proceedings. The writ Jason will ask for is a writ of________________.
Attachment Attainder Execution Garnishment
1 points
QUESTION 26
A surety is liable to the creditor as soon as the principal ________.
Enters into the contract.Makes an initial payment.Defaults.Files for bankruptcy.
1 points
QUESTION 27
Under the BAPCPA, Congress instituted a mechanism to reduce the ____ of Chapter 7 bankruptcy filings.
Legality.Accessibility.Abuse.Cost.
1 points
QUESTION 28
Any creditor who also owes the debtor money may have the right of _______, which allows the creditor to cancel out these obligations.
Redemption.Execution.Levy in distress. Setoff.
1 points
QUESTION 29
In an adjustment of debts under Chapter 13, the rights of ____________may not be modified
Secured creditors Unsecured creditors Mortgagees Judicial lien holders
1 points
QUESTION 30
An ______ is entered by the bankruptcy judge when he or she finds that the debtor is entitled to the protection of the bankruptcy law.
Order of default.Notice of removal.Order of relief.Judgment.
1 points
QUESTION 31
The purpose of the automatic stay is to prevent
Debtors from hiding personal property.Creditors from collecting on debts.Creditors from filing involuntary bankruptcy petitions Creditors from converting a Chapter 11 into a Chapter 7
1 points
QUESTION 32
To be eligible for Chapter 13, the debtors secured debts cannot exceed
33690054590010106503200000
1 points
QUESTION 33
Creditors may petition the bankruptcy court to convert a Chapter _________bankruptcy in to a Chapter __________bankruptcy.
7 into 1311 into 711 into 1313 into 11
1 points
QUESTION 34
A debtor is presumed to be _____ during the ninety-day period prior to the filing of the petition.
Insolvent.Under duress.Incapacitated.Solvent.
1 points
QUESTION 35
Several years ago, Kmart reorganized its business operations under bankruptcy protection. Under which chapter of the Bankruptcy Code did it file?
Chapter 5Chapter 7Chapter 11Chapter 13
1 points
QUESTION 36
Creditors are required to file _______ if they are to share in the debtor’s estate.
Proof of their claims.Financial statement.Articles of Dissolution.Mechanic’s lien.
1 points
QUESTION 37
A ______ is an order by the bankruptcy judge that a debtor is relieved of paying specific debts.
Confessed judgment.Discharge.Foreclosure.Liquidation.
1 points
QUESTION 38
In a bankruptcy proceeding, creditors’ claims are subject to payment according to the _______ established by the bankruptcy law.
Discretion.Size or amount of the debt.Priority.Greatest need for payment.
1 points
QUESTION 39
The process of winding up the affairs of a corporation or firm for the purpose of paying its debts and disposing of its assets is known as ________.
Foreclosure.Garnishment.Liquidation.Dissolution.
1 points
QUESTION 40
Under Chapter 11, a hearing is held on the confirmation of a debtor’s proposed reorganization plan, to determine if it is _________.
In the best interest of the debtor.Fair and equitable.The least restrictive means of reorganization.Subject to liquidation.
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