Creditor Debtor Law Essay

689 Words Jul 7th, 2015 3 Pages
2. A surety bond is a contract in which the surety promises to the judgment creditor if the judgment debtor loses the appeal. The surety will pay the full amount plus interest that has accrued during the appeal. A surety must be a person or business that can demonstrate that it has sufficient assets to pay the amount assured. In contrast, a property bond is when the judgment debtor posts his/her owners’ equity in real property as a bond. The debtor executes a mortgage or deed of trust to the trustee to convey real property to the clerk as a stay bond.
4. When property is exempt from execution, the judgment creditor cannot seize and sell that property to satisfy the judgment. States put these rules in place as a matter of public policy.
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The following income source exemptions include but are not limited to: social security benefits; veterans benefits; civil service and federal retirement benefits; military annuities and survivors benefits, etc. In regards to personal property, common exemptions include but are not limited to: household furniture and vehicles, both up to a designated dollar amount; equipment or tools used in a trade or business; necessary and proper clothing; personal possessions such as family photos, bible; livestock, etc.
8. A tenancy by entireties is a form of concurrent ownership of property that pertains to a husband and wife only. A tenancy in common is a form of concurrent ownership in which persons have undivided interest in property owned. Right of survivorship in the property is applicable to a tenancy in by entireties but not in a tenancy in common. In a joint tenancy there is also a right of survivorship as in a tenancy by entireties. The difference between the two is that prior to death, a joint tenant may transfer interest in the property by sale, pledge or gift. This cannot happen in a tenancy by entireties.
9. A trust is an arrangement whereby the owner of the property conveys title in the property to a designated trustee to be held by the trustee for the benefit of another party called the trust beneficiary. The first main party of a trust is the owner of the property, often called the grantor, trustor, or settlor. The second party is the trustee, who holds title

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