Final Exam Flashcards
(120 cards)
1
Q
Bankruptcy purpose
A
Return debtor back to the position where he earns more than he owes
2
Q
Chapter 3 case administration
How to file for bankruptcy
A
Debtor ask court for permission to file for bankruptcy
3
Q
Chapter 3
Voluntary petition
A
Available to any debtor (on your own will)
4
Q
Chapter 3
Involuntary petition
A
Filled only under chapter 7 or 11, if debtor is not paying bills
5
Q
Chapter 3
Dismissal
A
Court may dismiss case for
6
Q
Chapter 5
Creditor
A
Entity that has claim against debtor
7
Q
Chapter 5
Creditor
Claim
A
A right to payment
8
Q
Chapter 5
Creditor
Secured claim
A
Claim with lien on property, debtor defaults, creditor takes property to sell and get money back.ex. Mortgage
9
Q
Chapter 5
Creditor
Unsecured claim
A
Claim with no lien on property, debtor defaults creditor loses everything. Ex. Credit cards
10
Q
Chapter 5
Property of claims
A
Right of some claims to be paid before claims of lesser rank
11
Q
Chapter 5
Debtor duties
A
debtor file specified information, cooperate and surrender all property
Make sure you include everything that you owe.
12
Q
Chapter 5
Debtor exemptions
A
Certain assets are left out of the bankruptcy process for low or sentimental value ex. Wedding band or 50 dollar watch
13
Q
Chapter 5
Discharge
A
Relief from liability unless those not dischargeable, ex. Taxes, student loans or child support
14
Q
Chapter 5
The estate
A
Legal interest in nonexempt property. Estate sues for your property
15
Q
Chapter 5
Voidable preferences
A
Invalidates transfer made before date of bankruptcy from the debtor to favored creditors
16
Q
Chapter 5
Fraudulent transfers
A
Avoid transfers made on ore within a year of date of bankruptcy.
Transfer your money so you save it instead of paying back
17
Q
Chapter 7- liquidation
Purpose
A
Sell qualified asset and distribute to creditors
18
Q
Chapter 7- liquidation
Proceedings
A
Trustee takes possession of property and conducts the sale of qualified assets
19
Q
Chapter 7- liquidation
Payment to creditor
A
Creditors who became creditors after bankruptcy file
Secured creditors
General creditors
Stockholders
20
Q
Who is chapter 7 for?
A
Companies and individuals
21
Q
Non asset liquidation?
A
An individual has no qualified assets to sell and walks away without paying his debt
22
Q
How long does a liquidation take?
A
6 months
23
Q
What happened to a company when they file for chapter 7?
A
Goes out of existence
24
Q
Chapter 11
Purpose
A
Preserve or distressed entity
Keep a company in trouble
25
Chapter 11
| Proceedings
Debtor remains in possession of property
26
Chapter 11
| Plan
Must present to his creditors a plan that requires their approval, must show the increased come and decrease expenditure
27
Chapter 11
| What is Chapter 11 bankruptcy for
For companies only
28
How long does chapter 11 take
It takes 3 to 5 years
29
Chapter 13 adjustment of individuals
| Purpose
To permit individual to file a repayment plan
30
Disadvantage of bankruptcy
Stays for 10 years
Cannot apply for bankruptcy for another 7 years
Lowers credit score
Loans are difficult to obtain or have high interest rate.
31
Alternatives to bankruptcy
| Composition
Agreement b/w debtor and two or more of creditors that each will take portion of his claim as full payment
32
Trade secrets
Valuable secret information
33
Trade secrets
| Protection
May obtain damages, or injunctive relief when secret is wrongfully used by employee or competitors
34
Trade symbols
Mark that must be distinctive, not immoral deceptive or scandalous
35
Trade symbols
| Infringement
Person without having authorization uses a indistinguishable mark that causes confusion mistake of deception
36
Trade symbols
| Remedies
Injunctive relief, profits, damages my destruction or infringing articles, cost and attorney fees
37
Types of trade symbols
| Trademark
Distinctive symbol or work to identify manufacture
38
Trade names
Name used to identify business vocation or occupation
39
Trade names
| Protection
Infringement is prohibited
40
Trade names
| Remedies
Damages and injunctions
41
Copy right
Anything that you write, for authors life plus 70 years
42
Copyrights
| Procedure
Registration provides additional remedies
43
Copy right
| Rights
1. Reproduce copyrighted work
2. Prepare derivative works (movie)
3. Distribute copies
4. Perform work publicly
44
Copyright
| Ownership
Author is owner and may be transferred in whole or part
45
Copyright
| Infringement
When someone exercises copyright without authorization
46
Patents
Right to an invention for twenty years for utility
And Plant patents - fourteen years
Renew patents every 20 years
47
Patents
| Patent ability
1. Novel
2. Useful
3. Not obvious
48
Patents procedure
Patents issued by US patent and Trademark office
49
Patent
| Infringement
Anyone without permission makes , uses or sells an patent invention
50
Patent
| Remedies
1. Injunctive
2. Damages
3. Treble damages
4. Attorneys
5. Cost
51
Freehold estates
| Fee estates
Right to possession for indefinite time
52
Freehold estates
| Few simple
Absolute ownership of property
53
Freehold estates
| Qualified fee
Ownership taken away upon happening of an event
54
Freehold estates
| Life estate
Ownership for the life of a designated person
55
What do they call the person who gets the proper of a life estate ?
A remainder
56
Freehold estates
Future interest
Reversion
When A transfer life estate to B. In the future land goes back to A.
57
Freehold estates
Future interest
Remainders
Obtain land after persons interest is no longer in effect
58
Leasehold estates
| Lease
1. Contract for use and possession
| 2. Grant of estate in land
59
Leasehold estates
| Landlord
Owner of land who retains a reversion interest
60
Leasehold estates
| Tenant
Possessor of the leasehold interest in the land
61
Duration of lease
| Definite term
Automatically expires at end of term
62
Duration of lease
| Periodic tenancy
Specific term that continue and in indefinite secession
63
Duration of lease
| Tenancy at will
Lease terminable at any time
64
Duration of lease
| Tenancy of sufferance
Possession of property without a lease
| Month to month basis
65
Duration of lease
| Holdover tenancy
Please has expired tenant remains on the premises
66
Transfer of tenants interest
| Assignment
Transfer of all the tenants interest and has no more obligations to the landlord
67
Transfer of tenants interest
| Sublease
Transfer of less than all tenants interest and remains to the landlord
68
Concurrent ownership
Owned property with others
69
Concurrent ownership
| Tenancy in common
Co-ownership we are tenants homes an undivided interest with no rights of survivorship
Undivided interest- each tenant own property
No rights of survivorship- when one tenant dies his interest is not go to the other tenants
70
Concurrent ownership
| Joint tenancy
Co-ownership each tenant holds divided interest with the rights of survivorship
71
Concurrent ownership
| Tenant by entireties
Co-ownership by spouses where neither conveys interest during life
72
Concurrent ownership
| Condominium
Separate ownership in a unit where tenancy in common with respect to common areas
73
Concurrent ownership
| Cooperative
Corporate owner leases units to shareholders as tenants
74
Non possessory interest
| Easement
Limited right to use land of another in a specified Manor
75
Non possessory interest
| Profit A'prendre
Right to remove produce from the land of another
| Produce - agriculture products
76
Non possessory interest
| License
Permission to use land of another
77
Contract of sale
| Formation
Contracts to transfer land must be in writing to be enforceable
78
Contract of sale
| Marketable title
Setter must transfer marketable title that is a title free from defects or encumbrances
79
Contract of sale
| Common-law rule
Seller is not liable for any undiscovered defects
80
What should the buyer do to protect himself?
Must hire a title company that will discovered all unpaid loan and the building engineer
81
Contract of sale
| Implied warranty of habitability
Builder /seller promises house has no major defects
82
Deeds
Document transferring any type of interest in land
83
Types of deeds
Warranty deed
Bargain and sale deed
Quit claim deed
84
Deeds
| Warranty deed
The grantor promises she has bad the title to the property
| Promises that the ownership is yours
85
Deeds
| Bargain and sale deed
Grantor implies to have interest in property but offers no warranties of title to the grantee
86
Deeds
| Quit claim deed
Seller transfers interest that she has in the property
| used and transfer that are not sales
87
Recordation
Protect the buyers interest against third parties
| And delivery of the to the appropriate recorders office
88
Secured transactions
Takes out a loan it's called a mortgage. Signs security agreement and if buyer defaults lender has a right to ask for property
89
Adverse possession
Acquisition of title (open)without hiding, (continuous)without break in occupancy and (adversely occupancy) occupying land without permission from the owner
90
What is the prescribed period Of adverse possession
10 years
91
Public and private control of property
| Zoning
Power of government to dictate types of activity in private property
92
Public and private control of property
| Eminent domain
Power of government to take private land for public use with compensation
93
Public and private control of property
| Restrictive covenant
Restrictions placed on the buyer by seller in relations to how the land can be used
94
Trust
Title to property held by one or more parties for use of enjoyment
95
Who is the person who creates the trust
Settlor
96
Types of trust
Express trust
testamentary trust
inter vivos trust
implied trust
97
Express trust
Trust established by voluntary action usually in writing or oral
98
Testamentary trust
Naturist in a will that becomes effective after death
99
Inter vivos trust
Trust established during the settlers lifetime
100
Implied trust
Created by operation of law
101
Implied trust
| Constructive trust
Trust to rectify fraud prevent unjust enrichment
102
Termination of a trust
Just cannot be terminated unless instrument says it can
103
Wills
A written instrument executed by statute after a person dies to disturb you their property
104
What are the three things a will must have to be nonvoidable
1. writing
2. signed
3. attested by witnesses
105
Testament Terry capacity
The testator must be sufficiently competent to intend document
106
Conduct and validating a will
A will that is the product of duress, undue influence or fraud
107
Revocation of a will
The will is no longer in effect
108
Bankruptcy cause
Debtor owe more than he earns
109
The will can be revoked by the ?
By testator under operation of law
110
Revocation
| Destruction or alteration
Revokes a will
111
Revocation
| Codicil
Addition to or revision of will
112
Revocation
| Marriage
Revokes a will executed before marriage
113
Revocation
| Birth of a child
Revokes a will as far as child is concerned
114
Revocation
| Renunciation by surviving spouse
Spouse may elect under laws of decent
115
Intestate
Person who dies without a will
116
Course of decent
Property passes in equal share to each child after the widows rights have been settled
117
Administration of estate
| Probate
Permission to carry out instructions in will. Gives permission in form of letters testamentary
118
Administration of estates
| Executor
Person named in the will. Responsible of collecting assets and distributing
119
Administration of estates
| Estate administration
Application to settle the estate of someone who died without a will. Court gives permission in form of letters of administration
120
Administration of estate
| Administrator
Appointed by court when there is no will or person in will fails to qualify
