Author Question: Which of the following is true about a line of credit secured by the equity in the debtor's home? ... (Read 122 times)

mrsjacobs44 · **on:** Jun 24, 2018

Which of the following is true about a line of credit secured by the equity in the debtor's home?
A) There is a three-day rescission period
B) The same levels of disclosure for other types of credit are not required
C) The monthly payments need not be disclosed
D) All of the above are true.

Question 2

The ABC partnership (a general partnership with three partners) is dissolved in the process of terminating. Outside creditors are owed 50,000. The partners made no loans, but contributed 15,000 each in capital. After the assets are liquidated, there is 125,000. How will that amount be distributed?

Chocorrol77 · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

A

Answer to Question 2

Creditors - 50,000; no advances; 15,000 each for capital = 45,000; 10,000 each for profits = 30,000; total 125,000.