Fact Pattern 25-3 (Questions 21–23 apply)
Chocolate! Chocolate! Corporation is a new company that needs to borrow money to meet its payroll. Dayna, president and owner of Chocolate! Chocolate!, asks Evermore Credit Union to loan the funds to Chocolate! Chocolate!
21.Refer to Fact Pattern 25-3. If Evermore insists that Dayna sign the loan applica¬tion, making her personally liable for payment whether or not Chocolate! Chocolate! defaults, Dayna will be
a.a surety.
b.a lienor.
c.a garnishee.
d.a guarantor.
22.Refer to Fact Pattern 25-3. Generally, for a contract between Evermore and Dayna with respect to liability for Chocolate! Chocolate!’s loan to be enforceable, it must be in writing if Dayna is
a.a surety.
b.a lienor.
c.a garnishee.
d.a guarantor.
23.Refer to Fact Pattern 25-3. If Evermore insists that Dayna sign the loan applica¬tion, making her personally liable for payment only if Chocolate! Chocolate! de¬faults, Dayna will be
a.a surety.
b.a lienor.
c.a garnishee.
d.a guarantor.
24.Bill and Cody agree to guarantee Dave’s debt. Bill’s maximum liabil¬ity is $60,000, and Cody’s is $40,000. Dave owes $40,000 and is in default. Bill pays the creditor the entire amount. In the ab¬sence of an agree¬ment to the contrary, Bill can recover from Cody
a.$0.
b.$16,000.
c.$20,000.
d.$40,000.
25.Jaycee is a surety for Katelyn’s loan from Lucre Bank. Jaycee’s right to be repaid by Katelyn after having paid her debt is the right of
a.contribution.
b.redemption.
c.reimbursement.
d.subrogation.
26.Rita is a surety for Sue’s loan from Total Finance Company. Rita’s right to “step into the shoes” of Total Finance, after paying Sue’s debt, and ex¬er¬cise any of the Total Finance’s rights against Sue is the right of
a.contribution.
b.redemption.
c.reimbursement.
d.subrogation.
Fact Pattern 25-4 (Questions 27-28 apply)
Dillon and Evan are brothers. They agree to act as guarantors on a loan made by their sister, Fiona. Fiona defaults on the payments and Dillon re¬fuses to pay. Evan pays the debt.
27.Refer to Fact Pattern 25-4. Evan can recover from Dillon under
a.the right of proportionate liability.
b.the right of reimbursement.
c.the right of contribution.
d.no right, because the parties are brothers.
28.Refer to Fact Pattern 25-4. Evan can recover from Fiona under
a.the right of proportionate liability.
b.the right of reimbursement.
c.the right of subrogation.
d.no one, because the parties are brother and sister.
29.Ross and Sally agree to guarantee Tim’s debt. Ross’s maximum liabil¬ity is $30,000, and Sally’s is $20,000. Tim owes $20,000 and is in default. Ross pays the creditor the entire amount. In the ab¬sence of an agree¬ment to the contrary, Ross can recover from Sally
a.$8,000.
b.$10,000.
c.$20,000.
d.nothing.
Fact Pattern 25-5 (Questions 30-32 apply)
Mary’s home is in a state that has a $30,000 homestead exemption. Mary de¬faults on a $60,000 debt that she owes to Nina. Mary’s home is sold at auc¬tion for $80,000.
30.Refer to Fact Pattern 25-5. If Nina recovers less than she is owed, she can realize the difference from
a.any property that Mary owns.
b.only exempt property that Mary owns.
c.only nonexempt property that Mary owns.
d.property that any other member of Mary’s family owns.
31.Refer to Fact Pattern 25-5. Nina may recover
a.$0.
b.$30,000.
c.$50,000.
d.$60,000.
32.Refer to Fact Pattern 25-5. Mary will receive
a.$0.
b.$30,000.
c.$50,000.
d.$60,000.
33.Rhonda’s debt to Skyler is past due. Skyler brings a legal action against A to collect the debt. To ensure that a judgment in Skyler’s favor will be collectible, Skyler asks the court to order the seizure of Rhonda’s property. Exempt from such an order in most states would be
a.all of Rhonda’s real property.
b.as much of Rhonda’s real property as Rhonda opts to exempt.
c.none of Rhonda’s real property.
d.Rhonda’s family home in its entirety or up to a specified amount.
34.Brick’s debt to Conry is past due. Conry brings a legal action against Brick to collect the debt. To ensure that a judgment in Conry’s favor will be collectible, Conry asks the court to order the seizure of Brick’s property. Exempt from such an order in most states is
a.all of Brick’s personal property.
b.as much of Brick’s personal property as Brick opts to exempt.
c.equipment that Brick uses in a business up to a specified amount.
d.none of Brick’s personal property.
35.Bret defaults on a loan owed to City Bank. As a creditor, City Bank may attempt to place liens on all of Bret’s property except
a.motor vehicles that Bret uses to commute to work.
b.personal property that consists of stock in various corporations.
c.property that Bret elects to exempt.
d.real property on which Bret plans to open a retail store.
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