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Author Question: Forever Yours, Inc has a secured and perfected security interest in Sally's big-screen TV. On the ... (Read 85 times)

Alygatorr01285

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on: Jun 24, 2018
Forever Yours, Inc has a secured and perfected security interest in Sally's big-screen TV. On the filing date of Sally's Chapter 7 petition, the balance of the debt owed to Forever Yours is 2,000. The value of the TV is estimated at 1,500. This means that Forever Yours
 A)is secured for the entire debt, 2,000.
 B)is unsecured for 500, the excess of the debt over the value of the TV.
 C)has a high priority claim of 500. This means that Forever Yours, Inc. will be allowed 500 worth of other unsecured property before other unsecured creditors get anything.
 D)is unsecured for the entire debt.

Question 2

If A's ocean cargo is thrown overboard in order to save a sinking ship and B's cargo is saved as a result, B must contribute to A for the loss.
  Indicate whether the statement is true or false


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bpool94

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Reply #1 on: Jun 24, 2018
Answer to Question 1

B

Answer to Question 2

TRUE


Alygatorr01285

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Reply 2 on: Jun 24, 2018
YES! Correct, THANKS for helping me on my review

Viet Thy

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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