What Are the Duties of a Trustee Under Chapter 7

question 30

Multiple Choice

What are the duties of a trustee under Chapter 7?

• A) To use, sell, or lease property of the estate and to deposit or invest money of the estate.
• B) To employ attorneys, accountants, appraisers, or auctioneers and assume or reject any executory contract or unexpired lease of the debtor.
• C) To rehabilitate the accounts of the debtor.
• D) (a) and (c), but not (b).
• E) (a) and (b), but not (c).

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Definitions:

Amortization

The process of spreading out a loan or intangible asset cost over a fixed period, affecting a company's financial statements.

Economic Life

The expected period during which an asset remains useful to the owner or within an economy.

Patent Rights

Legal entitlements granted to inventors, giving them exclusive rights to use, make, and sell their inventions for a certain period.

Depletion Expense

The systematic allocation of the cost of natural resources over their expected productive life.