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This varies from province to province.Ge...View Answer
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A) This kind of transaction,which formerly was legal,is now prohibited by law in all provinces.
B) Various kinds of secured transactions,such as conditional sales,chattel mortgages,etc.,are regulated by their own distinct statutes.
C) An assignment of an account receivable does not qualify as a security arrangement because no tangible property is involved.
D) All kinds of security arrangements involving personal property as collateral now come under one statute.
E) Only tangible personal property can be used as security.
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A) This legislation applies only to all present transactions where personal property is given as security interest to enforce an obligation.
B) Unless a creditor in a secured transaction covered by this act takes steps to attach and perfect his security interest,he could lose that interest to someone outside the contract.
C) In a situation where a debtor fraudulently attempts to transfer property that he has given as security,the Act is designed to protect both the debtor and the secured creditor.
D) If a secured creditor fails to register his security interest in the Personal Property Registry,he loses his rights against the debtor.
E) If someone suspects that an item of personal property has been given as security by a particular person,he can sue on the breach of a condition.
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He can be required to pay out,in additio...View Answer
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A) will be automatically subordinate to any general security agreement,even if registered within the specified time period.
B) will prevail over a general security agreement covering all of a merchant's assets if it registered within the specified time period.
C) is also known as a floating charge.
D) is now obsolete in light of the Personal Property Security Act.
E) is prohibited in most provinces.
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A) An OPD program
B) Restructuring
C) An unsecured creditor
D) A consolidation order
E) A Division 1 proposal
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A trustee in bankruptcy is appointed and...View Answer
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To avoid bankruptcy,students should iden...View Answer
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A) A guarantor can use any defence against the creditor that the debtor could use.
B) A legally binding promise to be primarily responsible for someone else's obligation is an indemnity.
C) A verbal guarantee is as enforceable as a written one.
D) Subrogation can result in a guarantor's being able to sue successfully the very debtor whose obligation he guaranteed.
E) A legally enforceable guarantee must satisfy all the elements required to create a binding contract.
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Any surplus must be returned t...View Answer
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A) Various provincial statutes give suppliers of work and materials a claim for payment against the land enhanced by their services.
B) If a lien claimant files his lien within the time set,he can be assured that he will collect the full amount of his claim.
C) Compliance with the statutory holdback provisions is required,but gives an owner no protection against potential lien claims.
D) If a lien claimant loses the right to file a lien,he also loses the right to sue for breach of contract.
E) A lien claimant owed money by a general contractor can choose to pursue either the general contractor or the property owner for the full amount of the claim.
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A) Both real and personal property can be given as security to a creditor that he will be repaid.
B) Real property consists of land but does not include the buildings on that land.
C) Personal property includes intangible rights.
D) Personal property includes chattels.
E) Real property includes fixtures.
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A) The seller could seize the goods only if it obtained a court order.
B) The seller could seize the goods without a court order only if it had properly registered the conditional sale contract.
C) The seller could seize the goods but,before resale can take place,the debtor must be given notice and an opportunity to redeem.
D) The seller could only seize the goods and could not instead opt to sue the company.
E) The seller could seize and sell the same day because it had already waited three months after default before taking any action.
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The credit union has every right to dema...View Answer
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A) A fraudulent conveyance of liabilities to one of the creditors
B) A fraudulent transfer of money or assets
C) Assignment of liabilities to a trustee
D) Having more debts than assets
E) Generally meeting liabilities as they become due
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