Estate X included a 2008 Corvette. The Corvette had a remaining secured loan balance in the amount of $5,000, owed to Bank One. Bank One never filed a creditor's claim against the estate. Should the personal representative pay the loan off? Why or why not?
What will be an ideal response?
Yes, the personal representative should still pay the loan to protect the collateral because Bank One has a security interest in the vehicle and can repossess it if it is not paid for.
You might also like to view...
Megan agrees to provide landscaping services for Mrs. Potter for $3,500. Megan expects that she will spend $1,500 on plants, mulch, and other items she needs to complete the landscaping. The day before she is supposed to begin, she buys $500 worth of plants and mulch. She is then notified by Mrs. Potter that she no longer wants the landscaping done, and will not pay for it. If Megan sues for
breach of contract, what is she entitled to? Use the formula for calculating compensatory damages from Restatement (Second) of Contracts §347. What will be an ideal response?
________ codes or rules typically set forth the minimum in ethical behavior—the very least each professional should do
Fill in the blank(s) with correct word
Almost every state retains the doctrine of joint and several liability today.
Answer the following statement true (T) or false (F)
Under a bulk sales transaction, the seller must
A. prepare a list of creditors. B. prepare a list of transferred items. C. give notice of the sale to the creditors. D. all of the above.