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)?
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 secured party or perfection on attachment with purchase 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 Chapter 7 liquidation and force them to Chapter 12/13 adjustment.
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 for conflicting unprotected interests?
The two ways Chapter 7 or 11 bankruptcy can be initiated.
What are voluntary and involuntary bankruptcy?
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 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 categories that cannot file for Chapter 12/13 adjustment.
What are corporations and partnerships?