Define the term "secured transaction."
What will be an ideal response?
In a secured transaction, a debtor conveys a security interest in property to secure a debt. If the debtor does not pay the debt, the secured party may repossess the collateral, with or without the assistance of a court.
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A trust is a device or arrangement by which its creator (the settlor or trustee) transfers property (the corpus) to a person (the trustor) who holds legal title for the benefit of another (the beneficiary or cestui que trust).
Answer the following statement true (T) or false (F)
Witnesses to a will must appear in court to testify to the validity of the will.?
Answer the following statement true (T) or false (F)
Corporate legal departments are often headed by an attorney called the ____________________.
Fill in the blank(s) with the appropriate word(s).
John owns land at the edge of a small town. When he purchased the land it was not zoned and he operated an auto repair business there. Several years later, the town annexed John’s land as well as the surrounding land. The town then zoned all of the annexed land single-family residential. John’s business is the only business within the residential area. What right does John have to continue his auto repair business? Are there any restrictions on this right?
Fill in the blank(s) with the appropriate word(s).