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Unformatted text preview: CH16 Mechanic lean- 20 day preliminary notice. 5 matching terms, - mortgagee and mortgagor, t rustee, t rustor, and benifisnary Trustee - 3 rd party giving the power to sell. Deficiency judgment- go to court for a difference, if the loan was used to purchase the property, and the lender sold it for less, cannot get a deficiency judgment. Surety if the borrower doesnt pay, it directly goes to the debtor. Guarantor - Secondary liable, guarantee on debt to be paid. Subrogation- surety pays off the debtor, Right of contribution- if only 1 surety pays off, the surety can go on another for contribution. Homestead exemption resident 50k, 65 or older/disable 150k. protects equity/interest in your home. (equity = difference the value and the debt) If more than 4, Must disclose the t rue cost of borrowing. Annual rate interest rate + finical rate. Usury to place statuary ceilings on interest rates and other charges. CH17 reorganizing. Sole proprietorships easy to form, personal liability, Partnership they dont need to be in writing. Joint liability CH19 Corporations Closed corporation small corp. closely held. Rosily v smith 4 share holder, 2 of them were young. If any were to died, other can buy at predetermine price, estate has to sell. \ Cases 16.5 In re Seixas when go to bankruptcy the bank debt can be discharges. 17.1 Tarnavsky v. Tarnavsky morris and TR are partners, have to pay him out. 17.2 creel v lilly when a partnership died, the partnership must wind up the partnership and pay off. 17.4 camp creek hospitality inns. (3types of franchise = Chain style, distributorship, manufacture. ) franchisee in Sheraton, competed in their own franchise. 17.5 Miller v. D.F. Zee Sued Danny for sexual harassment, know about it but didnt stop the franchisee. 19.1 Crowder Construction Co. v. Kiser - Kiser went to work for company, he lose for no evident to be the reason. De Jure and De Facto Corp. de facto = exist be has not meet all the requirement. Disregarding the Corporate Entity unregister is still liable Rights of director right of participation and inspection, compensation and indemnification. Most of important is participation, least is compensation. (not a automatic right) Liability of directors and officers Role of shareholder right to vote on different issues. Has to be a registered share Role of shareholder right to vote on different issues....
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This note was uploaded on 06/01/2008 for the course MGT 12A taught by Professor Pangborn during the Summer '07 term at Irvine Valley College.
- Summer '07