Fact Pattern 22-1 Robin's Home Is in a State That Has a $60,000

question 63

Multiple Choice

Fact Pattern 22-1
Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000.
-Refer to Fact Pattern 22-1. Suburban Mortgage may recover​

• A) ​$0.
• B) ​$60,000.
• C) ​$100,000.
• D) ​$120,000.

---

Definitions:

Conversion

The unauthorized act of taking or using someone's property as if it were one's own, thereby interfering with their rights.

Merger

The combination of two or more companies into one, where one survives and the others lose their corporate existence.

Compulsory Share Exchange

A mandatory transaction in which the shares of one company are exchanged for those of another, typically in the context of mergers and acquisitions.

Board of Directors

A group of individuals elected by shareholders to oversee the management and make crucial decisions for a corporation.