This topic contains a solution. Click here to go to the answer

Author Question: Securities issued by banks and charitable organizations are exempt from SEC registration and ... (Read 136 times)

audie

  • Hero Member
  • *****
  • Posts: 532
Securities issued by banks and charitable organizations are exempt from SEC registration and disclosure requirements.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Right of Subrogation. Levinson and Johnson, who had both signed a promissory note, did not pay the note when it was due. Instead, American Thermex, Inc, a corporation in which Johnson had a controlling interest, voluntarily paid the note. American Thermex later brought suit against Levinson, seeking reimbursement for the payment. American Thermex argued, among other things, that because it had paid the note, it had the legal right of subrogation against the note's co-maker, Levinson. Will the court agree that American Thermex has a legal right of subrogation? Why or why not?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

livaneabi

  • Sr. Member
  • ****
  • Posts: 328
Answer to Question 1

TRUE

Answer to Question 2

Right of subrogation
No. American Thermex had no legal right of subrogation. The right of subrogation is extended only to sureties, and American Thermex was not a surety on the note. American Thermex's name did not appear on the face of the note, and the court could find no evidence that American Thermex had ever legally obligated itself to pay the note. Rather, its payment was made voluntarily. Therefore, American Thermex had no right of subrogation at law and could not recover the payment from the note's co-maker, Levinson.




audie

  • Member
  • Posts: 532
Reply 2 on: Jun 24, 2018
Wow, this really help


bbburns21

  • Member
  • Posts: 336
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

For a complete list of videos, visit our video library