The bankruptcy laws of the United States provide a legal and ...

[dejastew]

The bankruptcy laws of the United States provide a legal and legitimate vehicle for a(n) ________.
 
  Fill in the blank(s) with correct word

Question 2

Define and describe the difference between race, notice, and race-notice systems.
 
  What will be an ideal response?

[sabina576]

Answer to Question 1

fresh start

Answer to Question 2

In a race jurisdiction, the first to record the document is given priority over all others. It is a first in time first in right rule.
In a notice jurisdiction, if someone records but has notice of the existence of another transfer his recording is invalid against someone who later records but has no notice. This is the good faith purchaser rule that prohibits those with actual or constructive knowledge of another transaction from receiving title.
The race-notice jurisdiction in a combination of the two in that priority is given to the first good faith purchaser to record.