Come on a Lein
An encumbrance on (claim against) property to satisfy a debt or protect a claim for the payment of a debt
What is a lien
Mortgage
What is a written instrument that gives the creditor a lien on the debtor’s real property as security for payment of a debt
The primary difference between a suretyship and guaranty
What is a surety is primarily liable and a guarantor is only secondarily liable
Exemption statutes are provided solely under federal bankruptcy law
What is False
A furnace repairman repairs a furnace at the Jones residence. The Jones fail to pay the repariman. If the repairman obtains a lien against the real property, this is called
What is a mechanic's lien
All mortgages have to be in writing, if yes, why, if no, why not?
Yes, under the Statute of Frauds
This one has to be in writing under the statute of frauds
What is a guarantee
Homestead
What is each state permits the debtor to retain the family home—either in its entirety or up to a specified dollar amount—free from the claims of unsecured creditors or trustees in bankruptcy
See video. If Clark fails to pay the mechanic, the mechanic may be able to retain the family truckster under which of the following:
a mechanics lien
an artisan's lien
a judicial lien
What is an artisan's lien
the seizure and sale of a property subject to a mortgage is called
What is foreclosure
Two of the three ways that will release a surety or guarantor
What is material modification, surrender of property or payment
Name three other types of exempt property
What is household furniture, clothing, trade tools, livestock, pets, vehicle
The difference between a writ of attachment and a writ of execution
What is the writ of attachment is obtained prior to the judicial hearing on the debt
If the property sells for less than the mortgage amount, what happens?
The lender may get a deficiency judgment and become an unsecured creditor
Defenses to surety and guarantor include which of the following: incapacity of the debtor or bankruptcy of the debtor
What is neither provide a defense
Exempt property are exempt from which: writ of attachment, writ of execution, both or neither.
What is both
See Video [what is a garnishment]
What is an order that permits a creditor to collect a debt by seizing property of the debtor that is being held by a third party
Subrogation
What is any right that the creditor had against the debtor now becomes the right of the surety
: If a state has a $25,000 homestead exemption and a debtor has property worth $30,000 and a mortgage with Bank for $20,000, can the Bank force sale of the property and if so, how much would Bank recover if sold for $30,000.
What is yes and $20,000