LAW-2150 Lecture Notes - Lecture 17: Lenders Mortgage Insurance, Mortgage Loan, Home Insurance
Document Summary
Chapter 15: creditor-debtor relations and bankruptcy: when someone cannot (or will not) pay a valid debt, the law provides remedies for creditors to recover money or items owed to them. = if you work on a person"s p(cid:396)ope(cid:396)t(cid:455) a(cid:374)d the(cid:455) do(cid:374)"t pa(cid:455) (cid:455)ou, a. Me(cid:272)ha(cid:374)i(cid:272)"s lie(cid:374) lets (cid:455)ou sell that (cid:396)eal estate to (cid:272)o(cid:448)e(cid:396) the de(cid:271)t: artisa(cid:374)"s, aka personal property. Lienholder must retain possession: lost if property is voluntarily given back to the owner, priority over other credito(cid:396)s" lie(cid:374)s o(cid:374) sa(cid:373)e p(cid:396)ope(cid:396)t(cid:455, foreclosure on personal property is possible. In nc, this can be done within ten day after the foreclosure sale. If you up and leave the cottages, they will go and sue you first, not your parents: actions that release the surety and the guarantor, 1. Bankruptcy law: 2 primary goals, protect debtor with a fresh start, ensure equitable treatment of all creditors, bankruptcy courts, are all under federal courts, they are complicated!, special requirements for consumer-debtors:
