Which of the Following Statements Is True for Claims

question 8

Multiple Choice

Which of the following statements is true for claims?

• A)A trustee doesn't receive the defenses that a bankrupt person enjoys against claims.
• B)If the debtor's property is subject to a secured claim of a creditor,that creditor has the first claim to it.
• C)If a claim is provable,a creditor can participate in the distribution of the assets of the bankruptcy estate.
• D)Both secured and unsecured creditors are required to file proofs of claims.

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Definitions:

Agreement

A mutual understanding or arrangement between parties delineating their rights and responsibilities.

Salesperson

An individual who sells goods or services, often employed by a company to represent its products to potential buyers.

Softwood Lumber

Wood derived from coniferous trees, often used in construction, known for being lighter and less dense than hardwood.

Assignment

The transfer of a right, property, or debt from one party to another, including contractual rights or obligations.