Briefly, list the ways in which a creditor may obtain security.

Business 416 Online Fall 2021
Exam 3 Textbook Chapters 10-12, 14, and 15 and related current events
Submission timeframe: Sept 19, 2021 – October 2, 2021 10:00 pm NO late work accepted.
Tips: ADD YOUR NAME TO YOUR TEST RESPONSES!
1. Certainly, if you choose, you can begin each response with a cited source—that’s a relay of someone else’s knowledge. Not bad for a start.
2. Then, step up to analysis on the university level– close your book, turn your notes over and consider the query through your own words. No mean trick.
3. Respect facts, recognize your own bias, write your responses as though talking one-on-one with someone you seek to inform and persuade, your instructor.
1. Briefly, explain what a secured transaction is
2. What is a creditor?.What is a debtor?
3. What is collateral
4. Briefly, list the ways in which a creditor may obtain security.
5. To perfect a security interest, that is to let the world know of the creditor’s rights In the collateral, what steps may the creditor take?
6. Mrs.Ace said to University Bookstore, “Sell the books to my daughter. I will pay for them. When University Bookstore presented Mrs. Ace with a statement for $900., she refused to pay, denyinig she had ever promised to do so and she raised the Statute of Frauds as a defense. Is this a good defense? As holder of the University Bookstore concession, what action would you require if promised payment by a third party? (see 6a, Exercises, Chapter 10)
7. Briefly explain the meaning of the term mortgage. Mortgagor?. Mortgagee?
8. Briefly explain the meaning of foreclosure.
9. What is a deed of trust?
10. Rupert, an automobile mechanic, does carpentry work on weekends. He built a detached garage for Clyde for $20,000. While he was constructing the garage, he agreed to tune up Clyde’s car for an additional $200. When the work was completed, Clyde failed to pay him the $20,200. Rupert claimed a mechanics lien on the garage and car. Can Rupert enforce this lien? What would Clyde have to argue to relieve himself of this claim? (see 4, Exercises, Chapter 11)
11. Explain what it means to the debtor and to the creditor when a person (human or business) files a bankruptcy.
12. Briefly, explain the term automatic stay. Chapter 7 filing? Chapter 11 filing?
13. If assets are present, what is the order in which the trustee is required to distribute these in a chapter seven bankruptcy proceeding?
14. What is a receivership?
Chapter Fourteen is one of terms. Explain each of the following 12 terms in your own words.
15. Real property, estate, life estate, dower, reversion, remainder.
16. Dominant tenant, subservient tenant, easement, trespasser, nuisance, variance.
17. Wanda is in charge of acquisitions for her company. Realizing that water is important to company operations, Wanda buys a plant site on a river, and the company builds a plant that uses all of the river water. Downstream owners bring suit to stop the company from using any water. What, in your opinion, is the result of this lawsuit? (see 5, Exercises, Chapter 14)
18. Explain, briefly, what the term securities means.
19. Briefly explain the following terms: SEC, insider trading, full disclosure, Sarbanes-Oxley Act.
20. You are the primary principle in a company and you need an influx of capital so you determine to offer the public stock shares. What would be some steps you would take for this IPO (initial public offering)?

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