assignment 1 and 2

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Across
  1. 2. The obtaining of money by legal process through seizure and sale of property; the raising of the money for which an execution has been issued. So, where the sheriff or other state official, armed with a writ, seizes a debtor’s property in order to satisfy a judgment.
  2. 4. A way to settle a foreclosure case, or preempt one, by voluntarily surrendering the deed to the property in exchange for not defending the foreclosure and for not.exercising a right of redemption.
  3. 6. A power of sale is not the same thing as a short sale. For an explanation of the difference between the two,
  4. 9. Tort for wrongful taking/use of property. A debtor’s remedy against an unsecured creditor that attempts to use self-help.
  5. 10. A security interest in real property.
  6. 12. the legal process of enforcing the judgment,usually be seizing and selling property of the debtor
  7. 13. Any transfer made with actual intent to hinder, delay or defraud any creditor is voidable. See UVTA Sections 4(a), 5(a) and 8.
  8. 14. Taking property without going through a judicial process, in order to use the property to satisfy a debt. Not available to unsecured creditors.
  9. 15. When one amount owing is cancelled in light of another amount owing. See also ,
Down
  1. 1. A “lease” is really a sale with a security interest if the term of the lease extends for the entire remaining economic life of the collateral, so that the lease is just like a financed purchase. See UCC 1-203. This is in keeping with the Intended as a Security Doctrine. See also the Bright-Line and Economics of the Transactions Test (Assignment 22).
  2. 3. The process by which the creditor compels application of the value of the collateral to payment of the debt when the creditor holds a lien interest in the collateral. Usually involves a sale of the collateral; the sale cuts off the right to redeem, and completes theforeclosure.
  3. 5. Statutes that render certain property untouchable by creditors seeking to compel repayment. Generally only helps individuals retain their property, not corporations. Generally only applies vis-à-vis a debtor and an unsecured creditor. Exemption statutes generally cannot protect a debtor’s property from secured creditors.
  4. 7. If a factor purchases the accounts of another with contractual provisions that make it so that they don’t really bear any risk of loss, but instead have recourse against the seller of the accounts for the value of the sale, then the sale is not really a sale, it is a security agreement secured by the accounts. See UCC 9-102(a). This is in keeping with the Intended as a Security Doctrine.
  5. 8. An interest in property, contingent on the non-payment of a debt. See UCC 1-201(35). See also the Intended as a Security Doctrine and UCC 9-109(a)(1).
  6. 11. “[T]he debtor’s right to pay the secured debt even after default and retain ownership of the collateral.” (LoPucki et. al. pg 26)