Exam 13: Negotiable Instruments, Credit, and Bankruptcy

In many states, a mortgagor has the right to redeem the property by paying the debt within:

A(n) ____ has the same contract responsibilities as an assignee under a nonnegotiable instrument.

Candy bought a sofa from Max on credit. She is to make 5 monthly payments of $200 each. After one month Candy stops making payments. Max is a secured creditor; he may:

The one who agreed to make a payment, such as a bank making a payment based on a document presented to it is:

Just as with a Chapter 7 bankruptcy, the debt of a Chapter 13 bankrupt are discharged.

Alimony and child support payments, back taxes and most student loans are all examples of:

Debts of the bankrupt under Chapter 13:

According to the UCC, a draft may be:

Under a Chapter 11 bankruptcy, further actions by creditors against the debtor are permitted, so long as the court is notified.

When a payee wants to get cash immediately for a draft he can sell it to another party, but interest must be paid. This is called:

A guarantor is generally the same as:

Which of the following debts are not extinguished by a Chapter 7 bankruptcy?

Which of the following is one of the UCC's requirements for an instrument to be negotiable:

A general creditor is also referred to as an unsecured creditor.

Under a Chapter 13 proceeding, debts must be repaid usually:

Most companies that file Chapter 11 bankruptcies have assets worth:

A mechanic's lien is the most common lien on personal property.

Promises to pay include notes and certificates of deposit.

The one who receives payment from a negotiable instrument is called:

Under Article 3 of the UCC, a note is: