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MGMT 3310- FA1

by: Carlyjones123

MGMT 3310- FA1 MGMT 3310

GPA 3.4

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These notes cover the last quiz of the 5 week course.
Legal Environment of Business
Class Notes
Legal, business
25 ?




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This 2 page Class Notes was uploaded by Carlyjones123 on Monday September 26, 2016. The Class Notes belongs to MGMT 3310 at East Tennessee State University taught by McKinney in Fall 2016. Since its upload, it has received 8 views. For similar materials see Legal Environment of Business in Business at East Tennessee State University.

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Date Created: 09/26/16
CHAPTER 13 QUIZ REVIEW QUESTIONS updated  5/25/16 CHAPTER 13 DEBTOR­CREDITOR updated 5/25/16 1. What steps are needed to create a secured transaction? Attachment: Security  agreement assigned by customer, seller provides value, customer has right to  transfer lateral Perfection: the date priority took effect 2. What step must be taken by the creditor to establish a superior right over other  creditors in a secured transaction? Security by agreement 3. What can a secured creditor do if the debtor defaults? They repossess the  debtor’s goods.   4. In Fordyce Bank v. Bean Timberland were the buyers liable to the secured  creditor Fordyce for the timber they purchased from Bean?  5. Which government entities govern the law concerning liens? State statutes   6. Is bankruptcy governed by federal, state, or international law? Federal Law  7. What is the most common form of bankruptcy proceeding? Chapter 7 of the  bankruptcy code (reforms require chapter 13)  8. What happens to the debtor’s assets under a Chapter 7 bankruptcy? Liquidation  by discharge of most debts after sale and distribution of the sale proceeds of the  debtor’s non­exempt assets. Not including car, clothing, appliances, some equity  in a home, and a pension.  9. What is the primary objective of the trustee in a Chapter 7 bankruptcy?  Appointed to administer the debtor’s estate. Meets with creditors to review the  accuracy of the information provided by the debtor. 10. Which creditors have highest priority in liquidation proceedings? Secured  creditors ?? 11. Is any property of the debtor exempt from liquidation? Not including car, clothing,  appliances, some equity in a home, and a pension. 12. What is the purpose of a Chapter 11 bankruptcy? “Going concern surplus” the  surplus that the creditors hope to capture by allowing the business to remain in  operation so that they have a greater chance of full repayment.   13. Who supervises reorganization of a business under Chapter 11 bankruptcy? A  hearing with the trustee.  14. In the case of In the Matter of Kmart Corporation, why did the bankruptcy judge  allow selected “critical vendors” of the debtor to be paid in full before distributions to other creditors?  Did the appellate court agree? 15. Who can file for a Chapter 13 bankruptcy? only available for individuals, sole  proprietorship.  16. What happens in a Chapter 13 bankruptcy? The debtor files a plan for the  payment of creditors usually over 5 years. Where the debtor is relieved of all non­ property and the debtor retains her property and shares administration of the  bankrupt estate with a court­appointed trustee.  17. In the case of In Re Darby what service did the debtor want reinstated?  Did the  court determine that service to be essential and necessary?  Test Question: Maximize amount of debtors assets. 


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