Summary Final Exam

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Summary - Final Exam

  • 1 vocab

  • After-acquired property: 
    property that is acquired by the debtor after the execution of a security agreement
  • Attachment: 
    in a secured transaction, the process by which a secured creditor’s interest “attaches” to the collateral and the creditor’s security interest becomes enforceable 
  • Collateral: 
    The property subject to a security interest
  • Continuation statement: 
    a statement that, if filed within six months prior to the expiration date of the original financing statement, continues the perfection of the security interest for another five years
  • Cross-collateralization: 
    the use of an asset that is not the subject of a loan to collateralize that loan
  • Debtor: 
    Any part who owes a payment or performance of a secured obligation
  • Default: 
    failure to pay a debt when it is due
  • Deficiency judgement: 
    A judgement against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold
  • Execution: 
    the implementation of a court’s decree or judgement 
  • Financing statement: 
    A document filed by a secured creditor with the appropriate official to give notice to the public of the creditor’s security interest in collateral belonging to the debtor named in the statement
  • Floating lien: 
    A security interest in proceeds, after-acquired property, or collateral subject to future advances by the secured party (or all three). The security interest is retained even when the collateral changes in character, classification, or location.
  • Junior lienholder: 
    A party that holds a lien that is subordinate to one or more other liens that same property
  • Levy: 
    the legal process of obtaining funds through the seizure and sole of nonexempt property, usually done after a writ of execution has been issued
  • Perfection: 
    the legal proceeds by which secured parties protect against the claims of third parties who may wish to have their debts satisfied out of the same collateral. It is usually accomplished by filing a financing statement with the appropriate government official
  • Pledge: 
    A security device in which personal property is transformed into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
  • Proceeds:
    whatever is received when collateral is sold or disposed of in some other way
  • Purchase-money security interest (PMSI):
    a security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer
  • Secured party: 
    A creditor who has a security interest in the debtor’s collateral, including a seller, lender, cosigner, or buyer of accounts or chattel paper
  • Security agreement: 
    An agreement that creates or provides for a security interest between the debtor and a secured party
  • Security interest: 
    Any interest in personal property or fixtures that secures payment or performance of an obligation
  • Artisan’s lien: 
    a possessory lien on personal property of another person to ensure payment to a person who has made improvements on and added value to the property
  • Attachment: 
     the legal process of seizing another’s property under a court order to secure satisfaction of a judgment yet to be rendered
  • Automatic stay: 
    In bankruptcy proceedings the suspension of almost all litigation and other action by creditors against the debtor or the debtor’s property. The stay is effective the moment the debtor files a petition in bankruptcy
  • Consumer-debtor: 
    one whose debts result primarily form the purchases for goods for personal, family, or household use. 
  • Co-surety: 
    A person who assumes liability jointly with another surety for the payment of an obligation
  • Cram-down provision: 
    A provision of the bankruptcy code that allows a court to confirm a debtor’s reorganization plan even though only one class of creditors has accepted it.
  • Creditors’ composition agreement
     An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt
  • Debtor in possession (DIP): 
    Bankruptcy proceedings, a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations
  • Discharge: 
    The termination of a bankruptcy debtor’s obligation to pay debts.
  • Estate in property: 
    all of the property owned by a person, including real estate and personal property
  • Garnishment: 
    A legal process whereby a creditor appropriates a debtor’s property or wages that re in the hands of a third party. 
  • Guarantor: 
     A person who agrees to satisfy the debt of another (the debtor) only after the principle debtor defaults. Thus, a guarantor’s liability is secondary.
  • Homestead exemption: 
    A law permitting a debtor to retain the family home, either in its entirety or up to a specified dollar amount, free form the claims of unsecured creditors or trustees in bankruptcy
  • Liquidation: 
    The sole of the nonexempt assets of a debtor and the distribution of the funds received to creditors.
  • Mechanic’s lien: 
    a statuary lien on the real property of another to ensure payment to a person who has performed work and furnished materials for the repair or i9mporvement of that property
  • Order for relief: 
    A court’s grant of assistance to a complaint. In bankruptcy proceedings, the order relieves the debtor of the immediate obligation to pay the debts listen in the bankruptcy petition
  • Petition in bankruptcy: 
    The document that is filed with bankruptcy court to initiate bankruptcy proceedings
  • Preference: 
    In bankruptcy proceedings, a property transfer or payment made by the debtor that favors the creditor over others
  • Preferred creditor: 
    In the context of bankruptcy, a creditor who has received a preferential transfer from a debtor.
  • Reaffirmation agreement: 
    An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay a debt dischargeable in bankruptcy. 
  • Right of contribution: 
    The right of a courtesy who pays more than her or his proportionate share on a debtor’s default to recover the excess paid from other co-sureties.
  • Right of reimbursement: 
    The legal right of a person to be repaid or indemnified for the costs, expenses, or losses incurred or expanded on behalf of another
  • Right of subrogation: 
    The right of a surety or guarantor to stand in the place of (be substituted for) the creditors, giving the surety or guarantor the same legal rights against the debtor that the creditor had.
  • Surety: 
    A third part who agrees to be primarily responsible for the debt of another
  • Suretyship: 
    An express contract in which a third party (the surety) promises to be primarily responsible for a debtor’s obligation to a creditor
  • U, S, trustee: 
    A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform 
  • Workout: 
    An out-of-court agreement between a debtor and creditors that establishes a payment plan for discharging the debtor’s debts
  • Writ of attachment: 
    A writ used to enforce obedience to an order or judgment of the court
  • Writ of execution: 
    A writ that puts in force a court’s decree or judgment 
  • Adverse possession: 
    The acquisition of the title to real property by occupying it openly, without the consent of the owner, for a period of time specified by a state stature. The occupation must be actual, exclusive, open, continuous, and in opposition to all others, including the owner
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Sexual harassment: 
job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination 
Seniority system: 
a system in which those who have worked longest for an employer are first in line for promotions, salary increases, and other benefits, and are last to be laid off if the workforce must be reduced 
Protected class: 
a group of persons protected by specific laws because of the group’s defining characteristics, including race, color, religion, national origin, gender, age, and disability 
Prima facie case: 
a case in which the plaintiff has produced sufficient evidence of his or her claim that the case will be decided for the plaintiff unless the defendant produces no evidence to rebut it
Employment discrimination: 
 treating employees or job applicants unequally on the basis of race, color, national origin, religion, gender, age, or disability
Disparate-treatment discrimination: 
a form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes 
Disparate-impact discrimination: 
discrimination that results from certain employer practices or procedures that, although not discriminatory on their face, have a discriminatory effect 
Business necessity: 
a defense to an allegation of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance 
Bona fide occupational qualification (BFOQ): 
identifiable characteristics reasonably necessary to the normal operation of a particular business, these characteristics can include gender, national origin, and religion, but not race
Affirmative action: 
job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination