Refer to Fact Pattern 28-3B

question 83

Multiple Choice

Refer to Fact Pattern 28-3B. If Nina recovers less than she is owed, she can realize the difference from

• A) any property that Mary owns.
• B) only exempt property that Mary owns.
• C) only nonexempt property that Mary owns.
• D) property that any other member of Mary's family owns.

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Definitions:

Negotiable Instrument

A financial document that guarantees payment of a specified amount of money, either on-demand or at a set time, and is transferable from one person to another.

Holder In Due Course

A legal term describing a party who has acquired a negotiable instrument in good faith and for value, and thus has certain protections against defects.

Negotiates

The act of discussing something formally to reach an agreement or compromise on terms.

UCC

The Uniform Commercial Code represents an extensive collection of legislation that oversees business dealings in the United States.