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A lien is an encumbrance on property to satisfy a debt or protect a claim for the payment of a debt.​

A floating lien cannot apply to the proceeds of the sale of after-acquired property.

An installment contract is a single contract that requires or authorizes delivery in two or more separate lots to be paid for in one payment.

The basic duty of a trustee is to collect the debtor’s property and reduce it to money for distribution.

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

The length of the payment plan under a Chapter 13 plan can be three to five years, depending on the debtor’s family income.

A security interest is enforceable only if the debtor has title to the collateral.

A creditor’s composition agreement is usually held to be enforceable.

In a dispute over a sale involving a bicycle, Dain argues that as to this deal Ed’s Hobby Shop, where Dain bought the bike, is a merchant. A court may determine whether Ed’s is a merchant by assessing whether

Julie owes Ryan $10,000. When the debt comes due, Julie refuses to pay. Ryan obtains a judgment to collect the debt. Using a writ of execution, the court orders the sheriff to seize Julie’s boat and sell it to pay the debt. The boat sells for $15,000. Ryan will receive​