Questions from Business Law

Q: Write a few sentences describing the circumstances in which a creditor would

Write a few sentences describing the circumstances in which a creditor would resort to each of the following remedies when trying to collect on debt. 1. Mechanic’s lien 2. Artisan’s lien 3. Writ of...

Q: PRA Aviation, LLC, borrowed $3 million from Center Capital

PRA Aviation, LLC, borrowed $3 million from Center Capital Corp. to buy a Gates Learjet 55B. Center perfected a security interest in the plane. Later, PRA defaulted on the loan, and Center obtained po...

Q: The Michigan Basic Property Insurance Association (MBP) issued a check

The Michigan Basic Property Insurance Association (MBP) issued a check for $69,559.06 from its account with Fifth Third Bank to Joyce Washington, Countrywide Home Loans, and T&C Federal Credit Union a...

Q: Nina Shahin deposited a check in the amount of $2,

Nina Shahin deposited a check in the amount of $2,500 into her checking account at the Delaware Federal Credit Union (DelOne). DelOne placed a two-business-day “local hold” on the check pending veri...

Q: Steven Light bought a $55,050 wedding ring for his

Steven Light bought a $55,050 wedding ring for his wife, Sherri Light, on credit from Royal Jewelers, Inc., a store in Fargo, North Dakota. The receipt granted Royal a security interest in the ring. L...

Q: Since its founding in Jackson, Michigan, in 1900, Sparton

Since its founding in Jackson, Michigan, in 1900, Sparton Corporation has designed, developed, and manufactured electronic and electromechanical devices. From prototype through shipment, Sparton has w...

Q: To finance a development project in Delaware, Brandywine Partners, LLC

To finance a development project in Delaware, Brandywine Partners, LLC, borrowed $15.9 million from HSBC Realty Credit Corp. (USA). As part of the deal, Brian O’Neill, principal for Brandywine, signed...

Q: On May 11, 2009, JPMorgan Chase Bank (Chase)

On May 11, 2009, JPMorgan Chase Bank (Chase) filed a foreclosure action against Robert McLean. The complaint alleged that Chase was entitled to enforce the mortgage and promissory note on which McLean...

Q: Clarence and Pamela Cummings filed a petition for a Chapter 7 bankruptcy

Clarence and Pamela Cummings filed a petition for a Chapter 7 bankruptcy in a federal bankruptcy court. After the debtors filed two amended versions of the required schedules, the trustee asked fo...

Q: David and Sharon Welsh filed a Chapter 13 petition. The

David and Sharon Welsh filed a Chapter 13 petition. The bankruptcy trustee objected to their proposed plan on the ground that it was not proposed in good faith. Specifically, the Welshes were mak...