Fact Pattern 15-1 (Questions 12-15 Apply)

question 9

Multiple Choice

Fact Pattern 15-1 (Questions 12-15 apply)
Mary's home is in a state that has a $30,000 homestead exemption. Mary de?faults on a $60,000 debt that she owes to Nina. Mary's home is sold at auc?tion for $80,000.
-Refer to Fact Pattern 15-1. 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:

Call Option

A deal in the financial industry that bestows upon the buyer the latitude, but exempts them from the necessity, to acquire stocks, bonds, commodities, or other assets at a price fixed in advance, within a predetermined time frame.

Warrants

Financial instruments that give the holder the right, but not the obligation, to buy a company's stock at a specific price before a specified date.

Publicly Traded Bonds

Bonds issued by companies or governments that are available for purchase and sale on public stock exchanges.

Long-Term

Pertains to a time frame extending over a significant period, usually beyond one year, often used in the context of investments, loans, and planning.