Which Statement Is True Regarding the Type of Law That

question 50

Multiple Choice

Which statement is true regarding the type of law that is relevant to bankruptcy claims?

• A) Only federal statutory law is relevant.
• B) Only state statutory law is relevant.
• C) While bankruptcy law is state law, federal law applies to bankruptcy cases in the sense that federal laws regarding debtor's property and creditor claims may apply.
• D) While bankruptcy law is federal law, state law applies to bankruptcy cases in the sense that state laws regarding debtor's property and creditor claims may apply.
• E) Only federal common law is relevant to bankruptcy claims.

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Definitions:

Fold and Thrust Belt

A series of mountainous folds and thrust faults that develop near convergent tectonic plate boundaries, where one plate is forced over another.

Foreland Basin

A foreland basin is a structural depression that forms adjacent to a mountain range due to flexural subsidence, filling with sediments eroded from the associated orogeny (mountain-building process).

Back-Arc Rifting

A geological process in which the crust behind a volcanic arc stretches and thins, often leading to the formation of a new ocean basin.

Michigan Basin

A geological basin in the United States characterized by layers of sedimentary rock, indicative of its history as an ancient sea bed.