Mr Jacob, Who Is Terminally Ill, Writes a Will Transferring

question 38

Multiple Choice

Mr. Jacob, who is terminally ill, writes a will transferring all his assets to his daughter Silvia, in the event of his death. The doctors say that Mr. Jacob will live for about six months. A day after the will is written, Silvia wishes to transfer her expected inheritance to her son, Jacob Jr. This assignment will be ________.

• A) valid
• B) conditionally valid
• C) invalid
• D) re-assignable by Jacob Jr.

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Definitions:

Debtor Default

A situation in which a debtor fails to meet the legal obligation of debt repayment, possibly leading to legal action by the creditor.

Secured Party

An individual or entity that holds an interest, typically a security interest, in the debtor's collateral to secure payment or performance of an obligation.

Purchase-Money Security Interest

A legal claim or lien on collateral that secures payment of the price of goods bought.

Secured Interests

legal claims or liens on collateral property or assets that secure the repayment of a debt or obligation.