Smith and Roberson's Business Law
16th Edition
ISBN: 9781285428253
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 50, Problem 2Q
Summary Introduction
Case summary:
Testator gave his property to Mr. T for the benefit of Mr. B stating that B cannot anticipate the income by assigning or pledging it. When B borrowed money from Ms. L, he assigned his future income from the trust to L for a stated period.
To discuss: Is there any way for Person L to get a court order preventing person B from receiving this money.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Fay and Loretta O’Connell were married and owned several bank accounts as joint tenants with rights of survivorship. While accompanied by Loretta’s sister, Mary Ann, Fay went to the banks where Fay and Loretta had joint accounts and withdrew all the funds from those accounts. Fay deposited the funds into new accounts in his name alone and designated all but the money market account as payable on death to Mary Ann. Did Fay sever and destroy the joint tenancy? What rights, if any, does Loretta have to the withdrawn funds? Explain.
a. Benson goes into bankruptcy. His estate is not sufficient to pay all taxes owed. Explain whether Benson’s taxes are discharged by the proceedings. b. Benson obtained property from Anderson on credit by representing that he was solvent when in fact he knew he was insolvent. Explain whether Benson’s debt to Anderson is discharged by Benson’s discharge in bankruptcy.
A mortgage is transfer of an interest in specific immoveable property for the purpose ofsecuring payment of some amount of money. Elaborate in what different ways amortgage is created by highlighting their characteristics and mutual rights and liabilitiesof the parties in a precise manner?
Chapter 50 Solutions
Smith and Roberson's Business Law
Knowledge Booster
Similar questions
- (a) As a general rule, does the death of either the creditor or the debtor extinguish obligations that are transmissible to the heirs? (b) Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law? (c) Will the death of the principal debtor convert, decrease or nullify the substantive right of the solidary creditor?arrow_forwardAna wished to raise additional capital for her business and borrowed $10,000 from her grandfather, Mr. Samson in January 2023. Ana promised Mr. Samson that she would pay back the loan. Ana and Mr. Samson agreed that Ana would pay back the loan by monthly installments. Then Ana borrowed $50,000 from Cameron by way of a mortgage using Ana's land Blackacre. Cameron registered the $50,000 mortgage against the title of Blackacre in February 2023, Ana's business failed and Ana was not able to pay Mr. Samson or Cameron. Ana did not have any other asset. Advise Mr. Samson of his rights (if any). Please define or explain any legal concepts you use. Hint: Chapter 23. Essay Too bar navigation BIUS 11 111 Aarrow_forwardMartha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ Finance James refuses to pay XYZ the $25,000. James makes two arguments for not paying. First James claims that XYZ has no privity of contract and that XYZ is not a third-party beneficiary of its contract with Martha. Second – James claims that the goods were worthless. Assume that the goods were worthless. You are the judge. Who wins and why? Address both arguments that James makes.arrow_forward
- Mrs. Peal is the caregiver for Mrs. Hasham, a wealthy widow aged 92. Mrs. Hasham suffered from dimensia, and does not usually remembers what she does. Upon Mrs. Hasham’s death, it was discovered that Mrs. Pearl was the beneficiary of all Mrs. Hasham’s estate. Mrs. Hasham’s children wants to contest the Will that gives everything to Mrs. Pearl. They cannot as Mrs. Hasham was a mature woman. They cannot as Mrs. Hasham could will to whomever she chose. Yes, they can contest, as Mrs. Hasham might not have known what she was doing. Yes, the children are in need. There can be no actionarrow_forwardexplain, background of any relevant general principle of law, the position of creditor with proprietary security right on a particular movable good in case of insolvency of the debtor, what if another creditor also has such proprietary security right on that good of this debtor?arrow_forwardBaron contracted in writing to purchase a piece of land from Weil for $35,000. Before the sale was completed, Weil died. Must Weil's executor go through with the sale?arrow_forward
- Under our NCC, an heir may institute an action for rescission of a rescissible contract in his capacity as a representative or successor-in-interest of a person who suffers from lesion or of the creditor who is defrauded. Suppose, however, that it can be established that the decedent, during his lifetime, entered into a contract with another in order to defraud him of his legitime, can he institute an action for the rescission of such contract after the death of the decedent?arrow_forwardOn January 1, 2020 Alan made an interest-free loan of $200,000 to his son who used the loan to buy a house. Alan’s son has made no payments on the loan during the year. What are the income and gift tax consequences if the applicable federal rate is 5% and if Alan’s son had no investment income during the year? Which of the following is eligible for the annual exclusion? 1. Frank designates his daughter, Holly, beneficiary of his 401(k) plan. 2. Frank designates his wife, Betty, as beneficiary of his life insurance policy. 3. Frank funds an irrevocable trust with $1,100,000 for the benefit of his son. The terms of the trust allows a payout at the discretion of the trustee. 4. Frank funds an irrevocable life insurance trust with the amount necessary to pay the premiums of the policy. The beneficiaries can take a distribution equal to the contribution each year.arrow_forwardGaby Gonzalez obtained two CDs at second Federal savings and Loan association (second) with her daughter, Juana Martinez, as beneficiary. right before Gonzalez died, she told her cousin, rafael Gonzalez, where to find her CDs. The CDs had a line through Martinez’s name and rafael Gonzalez’s name added in the section for beneficiary with the notation, “revised beneficiary . . . rc” after Gaby’s death, rafael withdrew some funds to pay funeral expenses and legal fees from one of the CDs. several years later, Rafael discovered that second had paid the CDs to Hector Gonzalez, who was the administrator of Martinez’s estate. Rafael sued second, claiming as the beneficiary that it should have paid him. who was entitled to the proceeds of the CDs?arrow_forward
- Sondra and Neil Kumaraperu owned a private day-care center and preschool. The preschool maintained a checking account and an operating account, but only Neil and Ranjini Niyarapola (a former owner) were on the signature cards. after Neil’s death, Sondra discovered that the school’s director had inadvertently deposited a check for the operating account into the checking account. so she wrote a check out to herself, signed Niyarapola’s name, and deposited it into the operating account. Was the check issued?arrow_forwardIn 2022, Rebecca formed Black Corporation, a C-Corporation. Rebecca transferred real. estate with an adjusted basis of $260,000 and a fair market value of $390,000 in exchange for 100% of Black Corporation's common stock. The real estate was encumbered by a mortgage of $290,000, which Black Corporation assumed. The total value of Black Corporation's common stock after formation was $100,000. Q A N a) What amount of gain or loss is realized and recognized by Rebecca on the real estate transfer to Black Corporation? b) What basis does Rebecca take in her Black Corporation stock? c) What basis does Black Corporation take in the real estate contributed by Rebecca? 2 W S 3 X مو do command E D C R F 5 T V 6 G Y B 67 H U 8 N I 9 M O 0 V مو ob P commandarrow_forwardBroker Alex decided to end her listing agreement with Seller Bonnie because Bonnie has been very slow to respond to requests to show the property and has made no effort to leave the place in good condition when she did allow a showing. Which of the following BEST describes the agency termination that Alex initiated? mutual agreement revocation renunciation abandonment +arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON