Exam 26: Credit,Mortgages,and Debtor's Rights

What is the statutory period of redemption?

Ethan purchases a house for $250, 000.He borrows $200, 000 from StarCross Bank and gives the bank a mortgage on the house for this amount.StarCross Bank fails to record the mortgage.Ethan then applies to borrow $200, 000 from Pentalon Bank.Pentalon Bank reviews the real estate recordings and finds no mortgage recorded against the property, so it lends Ethan $200, 000.Pentalon Bank records its mortgage.Later, Ethan defaults on both loans.In this case, which of the following would be true in case of the foreclosure, if possible, on the collateral?

Regulation Z is an administrative agency regulation that sets forth detailed rules for compliance with the ________ Act.

The creditor who has to rely on collateral to secure payment is known as an unsecured creditor.

Alan wins a $50, 000 judgment against Henderson.But Henderson refuses to pay the amount of the judgment to Alan.To counter Henderson, Alan obtained a postjudgment writ from the court whereby the court directs the town sheriff to seize Henderson's automobile and other property and have them publicly auctioned off to satisfy the judgment he owes Alan.Which of the following writs did Alan motion the court to seize Henderson's property?

Which of the following real property transactions involves the use of transfer of legal title in real property to a trustee?

A ________ is a judgment of a court that permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan.

Tim has been approached by Kent regarding Tim's credit card bill payment.Kent is aware of Tim's debt, and says he has come on behalf of the bank he owes to get assurance from Tim that he will repay the credit bill within a specific period of time.Kent is an outside agent who does not work for the bank.Which of the following legislations has the bank violated by contracting Kent to contact Tim?

When is a creditor referred to as a secured creditor?

The Equal Credit Opportunity Act does not have provisions for consumers to recover damages against the creditor.

In a mortgage transaction, the creditor is known as the mortgagee.

Which of the following is true of a guarantor in a guaranty arrangement?

An arrangement in which the owner of real property sells property to a purchaser and extends credit to the purchaser is known as ________.

The proceeds writ of execution sale is used to pay the creditor the amount of the final judgment.

The ________ is a postjudgment court order that permits the seizure of the debtor's property that is in the possession of the debtor.

A postjudgment court order that permits the seizure of a debtor's property that is in the possession of third parties is known to as the ________.

A written reconveyance transfers the title of a real property from the trustee.

Gunther wins a $25, 000 judgment against Krissa.Krissa refuses to pay the amount of the judgment to Gunther.Krissa works for Iniversal Electronics.Gunther obtains a postjudgment writ of garnishment from the court whereby the court orders Iniversal Electronics to pay 25 percent of Krissa's weekly disposable earnings directly to Gunther.However, Gunther is not satisfied with the verdict and tries to motion the court to increase Krissa's pay deduction to 50 percent, but his request is denied.Which federal Act allows Krissa to retain 75 percent or more of her earnings in a writ of garnishment?

A prejudgment court order that permits the seizure of a debtor's property while a lawsuit is pending is known as the ________.

Execution is a postjudgment court order that permits the seizure of the debtor's property that is in the possession of the debtor.