MGMT 209 EXAM 4 SWIM TAMU|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

secured preditor the collateral a creditor has, something of yours they can take away in case you do not pay what are the 4 types of liens artisan, workers, landlords, mechanic/contractor artisan lien until you pay, you don't get property back (think dry cleaning a wedding dress, you have to pay them before you can get the dress back) workers lien special type of artisan lien, when a business can take something away from you because you don't pay (think mechanics, they fix your car and if you don't pay them for it they can get a lien out on your car to take it away from you) (don't mix this and mechanics lien up) landlords lien when a landowner can put lien on property if it is not exempt (remove property for past due rent) mechanic, contractor, materialmen lien when something is being done on your property such as roofing or plumbing there are 15 things exempt from a landlords lien, what are they? (MEMORIZE) 1) school books 2) professional books/tools 3) 1 couch and 2 chairs 4) dining table and chairs 5) agricultural implements 6) goods not owned by renter (like leasing a car) 7) any property deemed secured 8) beds and beddings 9) food 10) medicine 11) 1 car and 1 truck 12) children's toys not used by adults 13) clothes 14) family portraits/pictures 15) kitchen utensils/furniture (just think basic necessities for everyday life) what is a writ court order writ of attachment seizure of property writ of garnishment seizure of money mainly by bank (unless its past due child support) what position is the bank in for a writ of garnishment the garnishee writ of execution seizure of non exempt property, good for 10 years, and seized by a sheriff/constable single adult (no children) urban rental property exemptions $50,000, 10 acres, not attached, plus improvements single adult (no children) rural rental property exemptions $50,000, 100 acres plus improvements, not attached family urban rental property exemptions $100,000,10 acres plus improvements, not attached family rural rental property exemptions $100,000, 200 acres plus improvements, not attached what are the requirements for a family for a rental property exemption just have to have kids, doesn't matter if married or not who decides what property is exempted the person who owns it/the debtor what are the two types of personal property exemptions extensive and general property extensive property exemptions (there are 6) 1) child support payments 2) health aids for self or family 3) certain types of college savings plans 4) current wages (unless past due child support) 5) certain types of retirement accounts 6) religious books/bibles general property exemptions (there are 13) 1) family heirlooms 2) farming and ranching implements 3) home furnishings 4) tools for your profession 5) vehicles/boats for your profession 6) clothes 7) jewelry 8) 2 firearms 9) athletic equipment (including bikes) 10) motor vehicle for each person 11) 2 horses, mules, or donkeys with saddle and briddle 12) 120 fowl, 12 head cattle, and 60 other head livestock 13) household pets what does it mean if you are primarily liable they can come after you without going to the person first (example: cosigner or a surety) what does it mean if you are secondary liable they have to make multiple attempts to go after the first person before they come after you (example: guarantor) what are the types of bankruptcy Chapter 7, Chapter 11, Chapter 13 what is chapter 7 bankruptcy liquidation of assets and sold for debt payments