Blog

A person with a life estate cannot do which of the following?

Which of the following best describes Chapter 13 of the US Bankruptcy Code?

A landlord is going through the process to evict a tenant for non payment of rent. However, the court has not yet made a decision and the tenant is still in possession. The landlord has gone through this a thousand times and knows that the eviction will go through. So, one day when the tenant is out shopping, the landlord removes the old locks and puts a new lock on. A court would likely see this as:

Generally speaking, the ____________ appoints the officers of the corporation.

This is the basic contract among the members of an LLC; it governs the affairs of the LLC and states the various rights and duties of the members and any managers.

Alice has a roommate named Roberta. Alice and Roberta do not get along so they divided their rental with an imaginary line.  However, as tenants, both Alice and Roberta are entitled to full use and possession of the property. Alice put her sunglasses on Roberta’s “side” of the rental. Roberta now owns the glasses because they are presumed to be a gift. 

Two principal sources for corporate financing are debt and equity investment securities.

Filing for bankruptcy and receiving a discharge from the bankruptcy court would make a debtor no longer obligated to pay a $10,000 judgment for a debt owed to a creditor.

In order to purchase office supplies for his law firm, Bob executes a draft in favor of Alice’s Supply Store. A draft is:

This is the document that must be filed with the Secretary of State and become the basic governing document of the corporation (assuming the provisions are consistent with State and Federal Law).