Podcast
Questions and Answers
What document does Urbana need to file to place a lien on Virgil's property?
What document does Urbana need to file to place a lien on Virgil's property?
What type of lien does Nile have on Loni's Mazda?
What type of lien does Nile have on Loni's Mazda?
Artisan's lien
What prejudgment remedy could Countryside use to collect the debt from Bartleby?
What prejudgment remedy could Countryside use to collect the debt from Bartleby?
Attachment
What must Elin do to use attachment as a remedy against Dolf?
What must Elin do to use attachment as a remedy against Dolf?
Signup and view all the answers
What is Trixie's request to the court to seize and sell Suchin's property called?
What is Trixie's request to the court to seize and sell Suchin's property called?
Signup and view all the answers
What request does Lew submit to the court regarding Khali's paycheck?
What request does Lew submit to the court regarding Khali's paycheck?
Signup and view all the answers
What type of agreement do Mike's creditors enter into with him?
What type of agreement do Mike's creditors enter into with him?
Signup and view all the answers
What will Dayna be if she signs the loan application making her personally liable?
What will Dayna be if she signs the loan application making her personally liable?
Signup and view all the answers
To be enforceable, what must a guarantor's contract generally be?
To be enforceable, what must a guarantor's contract generally be?
Signup and view all the answers
What is Dayna's status if she signs the loan application but is liable only if Chocolate!Chocolate! defaults?
What is Dayna's status if she signs the loan application but is liable only if Chocolate!Chocolate! defaults?
Signup and view all the answers
If Rico signed a document titled 'GUARANTY', who will be liable for unpaid rent?
If Rico signed a document titled 'GUARANTY', who will be liable for unpaid rent?
Signup and view all the answers
What right allows Jay to be reimbursed by Katelyn after paying her debt?
What right allows Jay to be reimbursed by Katelyn after paying her debt?
Signup and view all the answers
What right allows Evan to seek contribution from Dillon after paying Fiona's debt?
What right allows Evan to seek contribution from Dillon after paying Fiona's debt?
Signup and view all the answers
What will Nina be able to recover after the sale of Mary's home at auction?
What will Nina be able to recover after the sale of Mary's home at auction?
Signup and view all the answers
What will Mary receive after her home is sold at auction?
What will Mary receive after her home is sold at auction?
Signup and view all the answers
What can Nina realize the difference from if she recovers less than owed?
What can Nina realize the difference from if she recovers less than owed?
Signup and view all the answers
What is typically exempt from a legal action to collect debt?
What is typically exempt from a legal action to collect debt?
Signup and view all the answers
What is it called when Residence Painting Company has a claim against Stuart's property?
What is it called when Residence Painting Company has a claim against Stuart's property?
Signup and view all the answers
What type of lien does Pruit have against Quint's property?
What type of lien does Pruit have against Quint's property?
Signup and view all the answers
Within what time frame must Diego file a lien after performing his contract?
Within what time frame must Diego file a lien after performing his contract?
Signup and view all the answers
What type of writ does Gage ask for to collect the debt from Francie?
What type of writ does Gage ask for to collect the debt from Francie?
Signup and view all the answers
When will Ewing's lien on the theater sets terminate?
When will Ewing's lien on the theater sets terminate?
Signup and view all the answers
What type of writ does Oak request regarding Ping's property?
What type of writ does Oak request regarding Ping's property?
Signup and view all the answers
What must Sydney do for Rite Now to obtain a writ of execution?
What must Sydney do for Rite Now to obtain a writ of execution?
Signup and view all the answers
What does George ask the court regarding Flip's funds in the bank?
What does George ask the court regarding Flip's funds in the bank?
Signup and view all the answers
What limits the amount that can be taken from Kyla's paycheck?
What limits the amount that can be taken from Kyla's paycheck?
Signup and view all the answers
What type of agreement do Liu and Midge enter into with Nero?
What type of agreement do Liu and Midge enter into with Nero?
Signup and view all the answers
What is Ulysses's role when he signs a guaranty for Speedy Delivery Company?
What is Ulysses's role when he signs a guaranty for Speedy Delivery Company?
Signup and view all the answers
According to the Statute of Frauds, when must Flair's guaranty be in writing?
According to the Statute of Frauds, when must Flair's guaranty be in writing?
Signup and view all the answers
What happens when Harper signs the application after requiring Dollar Value to pursue remedies against Gina first?
What happens when Harper signs the application after requiring Dollar Value to pursue remedies against Gina first?
Signup and view all the answers
What occurs if Gina agrees to a higher interest rate without informing Harper after signing?
What occurs if Gina agrees to a higher interest rate without informing Harper after signing?
Signup and view all the answers
After paying Serena's loan, what right does Rita have against Title Lenders, Inc.?
After paying Serena's loan, what right does Rita have against Title Lenders, Inc.?
Signup and view all the answers
What right allows Doral to seek payment from Eduard and Francesca after paying Glenda's debt?
What right allows Doral to seek payment from Eduard and Francesca after paying Glenda's debt?
Signup and view all the answers
What amount can Rosa recover from Sally after paying Timon's debt?
What amount can Rosa recover from Sally after paying Timon's debt?
Signup and view all the answers
What property is typically exempt from seizure actions against Ronda?
What property is typically exempt from seizure actions against Ronda?
Signup and view all the answers
What property is Maverick Bank limited from placing liens on?
What property is Maverick Bank limited from placing liens on?
Signup and view all the answers
Study Notes
Liens and Property Claims
- Notice of Lien: Urbana may file a written notice of lien on Virgil's property for unpaid contract work.
- Artisan's Lien: Nile's Body Shop can retain Loni's car until payment for repairs is made, classified as an artisan's lien.
- Mechanic's Lien: Pruit can notify Quint of intentions to sell property if payment for roof reshingle is not fulfilled.
Attachment and Legal Remedies
- Attachment: Countryside Credit Union can use attachment against Bartleby for his unpaid debt.
- Writ of Execution: Trixie seeks a writ of execution to have Suchin’s property seized and sold for a past-due debt.
- Garnishment: Lew may request an order of garnishment to reclaim debts directly from Khali’s paycheck.
Debt Composition and Guarantees
- Composition Agreement: Mike's creditors agree to accept a total repayment of $12,000, known as a composition agreement.
- Surety and Guarantor: Dayna becomes a surety when personally liable for Chocolate!Chocolate!'s loan; as a guarantor, a written contract is needed.
- Guaranty Performance: Rico's absolute guaranty makes him liable for Start-Up Games, Inc.'s rental obligation if the company defaults.
Rights and Remedies
- Right of Reimbursement: After paying Katelyn's loan, Jay has the right to pursue reimbursement from her.
- Right of Contribution: Evan may seek payment from Dillon after covering their jointly guaranteed loan.
- Subrogation Rights: After fulfilling a loan obligation, Evan can exercise subrogation to recover from Fiona.
Exemptions and Seizures
- Homestead Exemption: In Mary’s case, her exempt home value limits the recoverable amount for Nina after property sale due to debt.
- Property Seizure Exemptions: Equipment used in business is generally exempt from judgment seizure, protecting basic operational assets.
Co-Surety and Debt Payments
- Co-Surety Contributions: Doral can claim contribution from Eduard and Francesca after paying Glenda's total debt.
- Maximum Liability: Rosa can reclaim a proportionate share of payments from Sally after paying Timon's debt in full.
Legal Actions in Debt Collection
- Writ of Attachment: Gage’s request for a writ of attachment seeks to seize Francie's property for debt recovery.
- Court Limitations: Legal actions may exclude certain personal properties like family homes from seizure by creditors.
General Rules and Legal Rights
- Limitations on Garnishment: Legal provisions restrict garnishment amounts from salaries to protect debtors' living expenses.
- Discharge from Agreements: Failure to disclose important changes to agreements can result in discharge from legal obligations.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of Business Law with these flashcards covering Chapter 29. This chapter focuses on contracts, liens, and payment disputes in legal agreements. Review key concepts and improve your understanding through engaging flashcard scenarios.
