Jenny and her brother Brian own a piece of property in Austin as tenants in common...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jenny and her brother Brian own a piece of property in Austin as tenants in common valued at $50,000. Jenny owns 65% and Brian owns 35%. Brian went on vacation to Tampa and met someone that he started dating. The next month he purchased a house in Tampa and moved there so he could continue dating his soulmate. Brian did not get an appraisal and learned later that he significantly overpaid for the property. In addition, the home was much too expensive for Brian and shortly after the purchase he defaulted on the loan. Even after the bank seized the home, there was a $50,000 debt remaining. Assuming the bank received a default judgment against Brian and could seize the Austin property, what portion of the property could be seized to satisfy Brian's debt? Jenny and her brother Brian own a piece of property in Austin as tenants in common valued at $50,000. Jenny owns 65% and Brian owns 35%. Brian went on vacation to Tampa and met someone that he started dating. The next month he purchased a house in Tampa and moved there so he could continue dating his soulmate. Brian did not get an appraisal and learned later that he significantly overpaid for the property. In addition, the home was much too expensive for Brian and shortly after the purchase he defaulted on the loan. Even after the bank seized the home, there was a $50,000 debt remaining. Assuming the bank received a default judgment against Brian and could seize the Austin property, what portion of the property could be seized to satisfy Brian's debt?
Expert Answer:
Answer rating: 100% (QA)
As tenants in common Jenny and Brian each own a percentage of the property and their own... View the full answer
Related Book For
Fundamentals of Law Office Management
ISBN: 978-1133280842
5th edition
Authors: Pamela Everett Nollkamper
Posted Date:
Students also viewed these finance questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Googles ease of use and superior search results have propelled the search engine to its num- ber one status, ousting the early dominance of competitors such as WebCrawler and Infos- eek. Even later...
-
Stock A has a standard deviation of 7%. Stock B has a standard deviation of 12%. The correlation coefficient between the two stocks' returns is 0.4071. What is the risk (standard deviation) for an...
-
Timmons Corporation is considering three long-term capital investment proposals. Relevant data on each project are as follows. Salvage value is expected to be zero at the end of each project....
-
Find: 1 * sin t
-
What are the benefits of using value management in projects?
-
Betsy Moore wants to invest in the stocks of companies A, B, C, and D, whose annual returns for the past thirteen years are as follows: a. Suppose that Betsy is completely risk-averse. What...
-
A client calls in to sell their entire long position (300 shares) of AAPL and wanted you to walk them through the process. While going through BPROS you notice they are also short 3 calls contracts...
-
Calculate the following variances and indicate whether each variance is favorable or unfavorable: 1. Volume Variance 2. Total Variance Expected Treatments= 1,000 Standard Cost Profile Lab Treatment...
-
Styles Sarah Victor, 51 years has had an abdominal hysterectomy 12 days ago. She has been readmitted with a wound dehiscence and has completed a course of antibiotics for her wound infection. There...
-
There is no advantage to the reactor strategic type. True or False
-
What are the key advantages and disadvantages of leveraged buyouts?
-
A firm seeking rapid growth should pursue __________. A. internal growth B. external growth C. divestment of poor performing businesses D. a restructuring strategy
-
Goals are specific and often quantified versions of objectives. True or False
-
If a firm is able to consistently earn above-average profits, it is effectively balancing the goals of its stakeholders. True or False
-
Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10, n/15. How much cash will Alliance pay if they pay within the discount period? Question 9 Mindful...
-
Assessing simultaneous changes in CVP relationships Braun Corporation sells hammocks; variable costs are $75 each, and the hammocks are sold for $125 each. Braun incurs $240,000 of fixed operating...
-
What types of marketing activities do firms employ?
-
It all came apart in less than a year: a booming products liability boutique headed by an ex-partner from a big firmthe scion of one of Marylands most prominent legal families, an author, and a...
-
Margaret Cleary is a paralegal who works for a law firm that requires her to bill clients seven hours a day. One of Margarets assignments was to prepare interrogatories on a real estate case. She...
-
Pegasus Veterinary Hospital (PVH) is a partnership of five veterinarian surgeons who specialize in treating horses. PVH is located in a $25 million facility on 20 acres of land, employing over 40...
-
A tender evaluation method specifies 60% price and 40% quality. What is the weighted score of a tender that scored 80 points (out of 100) for price and 60 for quality?
-
You are a recently appointed purchasing manager who is overseeing terms and con- ditions of contract for an important international purchase with a UN country. What rules should you be particularly...
Study smarter with the SolutionInn App