« previous next »

Author Question: Limited partners can have their name used in the partnership name and still have limited liability. ... (Read 56 times)

RRMR

  • Hero Member
  • *****
  • Posts: 557
on: Jun 24, 2018
Limited partners can have their name used in the partnership name and still have limited liability.
  Indicate whether the statement is true or false

Question 2

William Ratliff left a oneacre parcel of land to his children by the following language in his will: To my son, Alex and my daughter, Anne, as joint tenants and not as tenants in common. The land is worth 300,000. Alex borrowed 100,000 from a bank and pledged his interest in the land as security. Shortly thereafter, Alex was killed in an auto accident. Anna says she now owns the property free and clear of the bank's interest. The bank claims there was no right of survivorship and they can carry their interest through Alex's estate. Who is correct?


hugthug12

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jun 24, 2018
Answer to Question 1

FALSE

Answer to Question 2

The court will probably recognize the right of survivorship since it was specified that they were not tenants in common. If so, the bank has no interest upon Alex's death. Anna has full title clear of the lien unless she signed the paperwork for it.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Bonding Partners and Energy May Change in a Chemical Reaction Bonding Partners and Energy May Change in a Chemical Reaction
Two stubby screwdrivers used to access screws that have limited space above. A straight blade is on ... Two stubby screwdrivers used to access screws that have limited space above. A straight blade is on ...
(a) Varicella zoster virus recurring as shingles, a painful rash limited to an area enervated by 1 ... (a) Varicella zoster virus recurring as shingles, a painful rash limited to an area enervated by 1 ...
As the world’s population continues to grow, demands on limited resources for food production As the world’s population continues to grow, demands on limited resources for food production
Arguments take place when partners are home from work Arguments take place when partners are home from work
Sam and Jen had a tax liability of 5,115 last year. They were entitled to tax credits of 112 ... Sam and Jen had a tax liability of 5,115 last year. They were entitled to tax credits of 112 ...
Video: Blood Flow through the Human Heart

For a complete list of videos, visit our video library