{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

SecuredtTransactions Outline -- Sp05 (AS Edition)

SecuredtTransactions Outline -- Sp05 (AS Edition) - 1...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1) Unsecured Creditors i) Creditor - anyone owed a legal obligation reducable to $ obligation. ii) Unsecured Creditor - Unless granted by statute or creditor Ks w/ D for secured status. iii) Judgment Creditor - unsecured creditor that obtains a court judgment to establish D liability. Grant of judgment doesn’t change unsecured status. 2) Compelling Payment a) Cannot use self-help i) tort of conversion - wrongful exercise of dominion and control over another P in denial of or inconsistent w/ his rights. Don’t need to show wrongful intent. ii) Larceny iii) If C demands payment unreasonably = wrongful collection practices . b) Vitale : Sheriff gets writ of execution and order to levy upon all D’s PP and $ on 6/23/81. Levy denied cause bar only open at night, then bouncers denied, then court order to permit sheriff access, then only $700 in PP seized. C wants more levies but Sheriff argues only 1 levy per writ of execution. i) Get a default judgment ii) C obtains a writ of execution directing sheriff to levy upon PP after a judgment (D is judgment debtor) iii) Writ is “returned”= physical return of writ after execution (1) Once returned, sheriff cannot levy under that writ (2) Before return day, successive levies can be made if debt not satisfied by initial levy(ies) (a) Return by sheriff not until showing that attempting another levy would be fruitless. (b) If it is returned, C can get an “alias writ” = C can seek unlimited amount of pluries writs til judgment satisfied. iv) Sell at Sheriffs sale v) Sheriff must follow C’s reasonable instructions under a writ of execution. vi) Because no limit in # of executions that can be issued, no limit in # times sheriff has to levy until judgment satisfied- but practical limitations vii)Issue of levy ok at any hour- 10pm-2am here was not unreasonable. viii) Risk of violence- ct says it’s sheriff’s job ix) Amercement - C sues sheriff for failure to execute against JD. Sheriff must deprive C of substantial benefit to which he’s entitled under the writ. (1) Ct says only one levy in mo. = deprive of subst’l benefit = amercement x) Writ of garnishment- 3 rd party has D’s P, C can cause sheriff to require 3 rd P to pay JC. c) JC must use discovery to locate assets. Can’t do “fishing expeditions” i) But JD may move assets or deed to someone else (fraudulent transfer laws) d) If P seized is of a 3 rd party may = conversion e) JD may skip state ($Js only good in state issued )
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
f) Until sheriff levy, JD can continue to use, exchange, or apply value of PP to other debts- no preference (preferential payment to defraud other Cs) 3) Exemption - state law prohibiting sheriff from seizing certain P under writ of execution. (p. 15) a) Homestead Exemption- some have $ limits b) Wages generally exempt (75% by fed and some states say all) II. Secured Creditors 1) Lien - charge against or interest in P to secure payment of a debt and performance of an obligation.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern