Question 30 Compared to Chapter 7 plans, a Chapter 13 plan Group of answer choices allows a debtor to retain possession of his or her assets. permits any interested party to file a repayment plan. is faster than a chapter 7 bankruptcy completely discharge all debts.

Question 31 Question 311 pts Development LP is a limited partnership that invests in commercial real estate projects. Its limited partners include more than 150 sophisticated investors and investment professionals, including Webb. Webb loses his limited liability if he Group of answer choices invests in a project that the firm has declined. does not participate in the firms management. participates extensively in the firms management. votes to sell or dissolve the firm.

Question 32 Question 321 pts Assume that Kramers home is in a state that has a $40,000 homestead exemption. Kramer has a $60,000 judgment entered against him by Elaine. Kramers home is sold at public foreclosure sale for $85,000. Elaine may recover: Group of answer choices Nothing $45,000. $85,000. $60,000.

Question 33 Question 331 pts On July 1, Beelzebub, a consumer debtor, files a Chapter 7 bankruptcy petition. She has been insolvent since January. On March 25th she made her final payment on a five-year old car loan from her bank that was not in default. The payment was in the same amount as all of her previous payments. On June 25th she paid $85.00 cash to Kurt's Garage for car inspection. Which is true? Group of answer choices Only car loan payment is a "voidable preference". Both the payments are "voidable preferences". Only the payment to Kurt's Garage is a "voidable preference". Neither of the payments are "voidable preferences".

Question 34 pts Penny files a petition in Chapter 7 bankruptcy. She turns her assets over to Sheldon, who sells them and then distributes the proceeds to Penny's creditors. Sheldon is a: Group of answer choices bankruptcy court judge. preferred creditor. DIP (debtor in possession). trustee. Flag question: Question 35

Question 35 Magnanimous Bank has a mortgage on Tran's property that is filed in the public records. The Bank is a (an) ______ creditor. Group of answer choices unsecured exempt secured lien non-priority

Question 36 Question 361 pts Greg and Dickie are co-sureties on a loan to Duane from Vulture Bank. Duane defaults on his payments and Dickie pays the entire amount due to Vulture Bank. Does Dickie have a legal claim against Greg? Group of answer choices Yes, a right of contribution. Yes, only if Duane is in bankruptcy No, Dickie can only sue the bank No, Dickie can only recover against Duane

Question 37 Question 371 pts Chou is a shareholder of Running Dog Inc. The directors of Running Dog are accused of serious mismanagement which has caused the Running Dog to lose a great deal of money. Chou files a suit on Running Dog's behalf against the directors. Any money damages recovered by the suit will go to Running Dog's: Group of answer choices directors. shareholders, excluding Chou. treasury. shareholders, including Chou.

Question 38 Question 381 pts Phil and Don are shareholders of Everly, Inc., a large publicly traded company. As shareholders, their right to inspect the corporate books is: Group of answer choices Unlimited Limited to reasonable requests for a proper purpose set by the voters in Everly's state of incorporation set in the articles of partnership

Question 39 Question 391 pts Dante is a shareholder of Inferno, Inc., a publicly traded corporation. As a shareholder, Dante has the right to vote to approve: Group of answer choices moving a manufacturing plant overseas a merger with another corporation. declaring a corporate dividend. hiring a chief executive officer.

Question 40 Question 401 pts In a publicly traded corporation, the shareholders who hold ________ stock have voting rights but have an inferior right to receive dividends. Group of answer choices treasury. common preferred cumulative