Fact Pattern 33-2Mary's Home Is in a State That Has

question 67

Multiple Choice

Fact Pattern 33-2Mary's home is in a state that has a $30,000 homestead exemption. Mary defaults on a $60,000 debt that she owes to Nina. Mary's home is sold at auction for $80,000.
-Refer to Fact Pattern 33-2.Other property Mary may own that may be exempt from satisfaction of judgment debts includes 

• A) ​any property that Mary wishes to exempt. 
• B) ​investments that Mary has made in her family's businesses. 
• C) ​recreational vehicles that Mary uses on weekends. 
• D) ​tools that Mary uses in her trade.

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Definitions:

Distribution of Cash

The process of allocating cash dividends to shareholders based on the number of shares held.

Income-Sharing Ratio

The proportion at which partners in a partnership agreement divide profits and losses among themselves.

Winding Up

The process of dissolving a company, involving liquidating assets to pay off creditors and distributing any remaining assets to shareholders.

Capital Account Balance

The net result of public and private international investments flowing in and out of a country, reflecting changes in ownership of national assets.