Creditors’ Rights
A lien on real property to ensure payment for work performed.
What is a mechanic’s lien?
The three requirements for creating a security interest.
What are written security agreement (or possession), the secured party gives debtor something of value, and debtor has rights in the collateral?
The three must common types of bankruptcy relief.
What are Chapter 7 (liquidation), Chapter 11 (reorganization), and Chapter 12/13 (adjustment)?
Defines an administrative agency’s legal authority.
What is an enabling statute?
The two ways that the public can be involved in the comment period.
What are in writing or orally at a public hearing?
A lien on personal property to ensure payment for services performed.
What is an artisan’s lien?
Two situations when perfection without filing is permitted.
When are the collateral is in possession of the secured party or perfection on attachment with purchases money security interest in consumer goods?
The purpose for the substantial abuse-means test under Chapter 7.
What is to keep upper income people from abusing the Chapter 7 liquidation process and force them to Chapter 12/13 adjustment of debt.
The two types of administrative agencies.
What are executive agencies and independent regulatory agencies?
The two places where publication of final rule can be found.
What are the Federal Register and Code of Federal Regulations?
The two types of judicial liens and when they apply.
What are writ of attachment issued before judgment and writ of execution issued after final judgment?
The general rules of priority for security interests in the same collateral.
What are perfected security interests over unsecured/unprotected interests, first to file for conflicting protected security interests, and first to attach (be created) for conflicting unprotected interests?
The provisions of a reorganization plan under Chapter 11.
What are designate classes of claims/interests, specify treatment of each class, adequate means for plan’s execution, and provide for payment of tax claims over 5 year period.
The three functions of the administrative process.
What are rulemaking, enforcement, and adjudication?
The two types of subpoenas that can be issued by an administrative agency.
What are subpoena ad testificandum (to testify) and subpoena duces tecum (turn over documents)?
An order permitting a creditor to seize property held by a third party to collect a debt.
What is garnishment?
The most common way that a security interest is perfected.
What is a financing statement with debtor’s name and description of the collateral?
The list of those that can file for Chapter 12 adjustment of debts.
Who are family farmers and family fishermen?
The three basic steps of rulemaking.
What are notice of proposed rule, comment period, and final rule?
The name for the person who conducts a hearing in an administrative proceeding.
Who is the administrative law judge (ALJ)?
The three ways to avoid foreclosure on a mortgage.
What are forbearance, workout agreement, and short sale?
What is a common exception to the general priority rules?
What is a buyer in the ordinary course?
The three general steps of a Chapter 13 adjustment of debts plan.
What are filing, confirmation, and discharge?
The location for publication of notice of proposed rulemaking.
What is the Federal Register?
The two prongs of the Chevron test for judicial review of an agency ruling.
What are 1) did Congress directly address the issue in the statute, 2) if not, is the agency’s interpretation reasonable?