Every family has that person who, although outgoing and friendly, just can't seem to keep stuff together. They are always on the verge of a big break, but incessantly wind up a day late and dollar short. That person in your family is your brother-in-law; Uncas Unjust. Uncas has approached your spouse and asked them to "invest" $25,000.00 in Uncas's most recent venture. This venture is somewhat related to Uncas's work as an independent contractor for a business that Uncas has regularly worked for since 8 years ago and Uncas receives income depending on how successful his ventures are. With the prior failures of Uncas fresh on your mind, you're hesitant, but your spouse is insistent. The two of you agree that the money will be loaned, but you are able to incorporate any conditions you would like. Now is your chance to utilize your newly found skills of debtor/creditor law, bankruptcy, and agency!

1. Describe with specificity two (2) things that could be done relevant to secured transactions that would help protect your investment. (20 points).
2. Describe how Uncas fileing for CH 7 bankruptcy would affect your interest(s). (10 points).
3. Make the best argument possible to apply joint and several liability for the investment on the employer, in the event the investment is ultimately squandered. (20 points).

Answer rating: 100% (QA)

Secured Transactions to Protect Investment a Security Interest in Uncass Assets You can require Uncas to grant you a security interest in specific assets to secure the loan This could include his equi... View the full answer