Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
30 Cards in this Set
- Front
- Back
|
4 types of tangible collaterals
|
1. Consumer goods- bought for personal or family use
2. farm products- products of livestock, supplies used if they are in possession of or used by a farmer 3. inventory 4. equipment- anything not in the other 3 categories |
|
|
A PMSI exists if ...
|
1. credit was advanced or a loan was made for the purpose of enabling the debtor to acquire the collateral, and
2. the credit or loan proceeds were actually used to acquire the collateral |
|
|
PMSI filing financing statements to perfect interest
|
The debtor must authorize the filing (authorization only extends to specific collateral described in the security agreement- not all assests/ fixtures)
2. a security interest in a fixture must be perfected by fixture filing before the good is affixed to the immovable property 3. the law of the debtor's jurisidiction goversn non- fixture security interests, and the law of the jurisdiction where the land is situated governs fixture interests |
|
|
PMSI is automatically perfected in...
|
most consumer goods
|
|
|
Louisiana is a pure race state which means
|
Notice of security interest is irrelevant if the opposing claimant has not won the "race" to the courthouse with the paper documents beofre the opposing interest is established.
|
|
|
The lessee is responsible for...
|
Making repairs necessary from his fault or for remedying deterioration resulting from his use that exceeds the normal use of the thing
Note: Default repair rules may be contractually modified and a breach makes the leas dissolvable for breach of duty. |
|
|
A lessee has the right...
|
to sublease the leased thing unless the lease contract prohibits it.
|
|
|
Essential elements of a lease
|
1. agreement on the thing; and
2. rent Note: ownership of the thing is not required oral leases can be valid writing is not required |
|
|
Reconduction applies when...
|
The lessor permits the lessee to remain in possession for a period of time after the initial lease term expires-
- 1 week for non- agricultural leases with initial term of longer than 1 week - 30 days for agricultural leases. It will continue on that basis until written notice of termination is given timely. |
|
|
Tacit reconduction
|
An otherwise expired lease continues in all respects except one- its duration is month to month (for non-agricultural w/1 mo. term) or year to year (for agricultural)
|
|
|
Right of litigious redemption
|
When one assigns the right to sue after suit was filed. The defendant may extinguish the claim by paying the plaintiff what he paid for the right.
|
|
|
A performance freely rendered under a natural obligation...
|
may not be reclaimed
|
|
|
A partial payment does not...
|
suffice to elevate a natural obligation to a fully enforceable legal obligation.
|
|
|
The promise to pay a prescribed debt
|
requires a writing.
|
|
|
Release of the surety...
|
does not release the principal. (but watch for prescription)
|
|
|
Contracts are relatively null when...
|
They violate rules intended for the protection of private parties.
They may be confirmed. Prescribed in 5 years from the date on which the ground for nullity ceased or was discovered (may be raised as a defense at any time) May be invoked only by the party the gound for nullity was designed to protect. |
|
|
Contracts are absolutely null when...
|
They violate the rules of public order. Absolutley null contracts may not be confirmed. They are imprescriptible and the court on its own motion or motion of any party may raise an absolute nullity.
|
|
|
A transfer of immovable property...
|
must be made in writing.
Exception: Admitting the transfer in a sworn proceeding (deposition) then oral transfer is valid. |
|
|
A giving in payment is...
|
when one party agrees to forgive a debt in exchange or a thing. A giving in payment is a contract and can be subject to a suspensive condition. A giving in payment is not perfected until the delivery of the thing.
|
|
|
Fundamental rule of contract interpretation...
|
Contracts are generally construed in favor of obligors and agianst obligees.
|
|
|
Constracts should generally be construed...
|
against the person furnishing the text
(watch for mandatary relationship) |
|
|
When is specific performance available?
|
transfer of immovable property but only if the contract is breached. (watch for suspensive and resolutory conditions)
|
|
|
Interpretation of a contract requires...
|
a consideration of the common intent of the parties, (parole evidence) if the words of the contract are ambiguous.
|
|
|
Resolutory condition
|
An event which is unceratin (may or may not occur) that, if it occurs will bring an obligation to an end.
(fully exists before the condition occurs) |
|
|
Suspensive condition
|
An uncertain event that, if it occurs, will make an obligation enforceable.
Obligation subject to a suspensive condition does not exist fully and therefore is not enforceable, unless and until the uncertain event occurs. |
|
|
Several for obligor
|
Each obligor owes an individual and complete performance thought the obligation is created for the mulitple obligors by just one juridical act.
|
|
|
Obligations joint for the obligors
|
Those is which the obligors together owe just one performance and no obligor is bound for the whole.
|
|
|
Solidary obligation
|
Multiple obligors are bound for one performance, and the obligee may call upon any obligor for the whole performance.
|
|
|
Acquisitive prescription
|
Mode of acquiring ownership or another real right in a thing by virtue of possession for a period of time.
|
|
|
Liberative prescription
|
Barring of an action because of the passage of time.
|
