A Person Who Has Dealt with an Insane Person Need

question 40

True/False

A person who has dealt with an insane person need not place that insane person in status quo once the contract is voided.

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Definitions:

Chattel Mortgage

A loan that is secured by movable personal property, such as a vehicle or mobile home, which the borrower can use while paying off the loan.

Debenture

A debt security issued by a corporation that may or may not have specific assets of the corporation pledged as security for payment.

Lien

With respect to goods, it is the right to retain the goods until payment is made.

Mortgagee

The lender or financial institution in a mortgage agreement, who holds the mortgage as a security for the loan provided to the borrower.