The first security interest to be perfected is the last in priority over any other perfected security interests.​

Lenders Loan Company and Mortgage Service Corporation—Nadya’s creditors—contract with Nadya for the discharge of her liquidated debts on payment of a lesser sum. This is​

Attachment gives the creditor an enforceable security interest in the collateral.

Elegant Carpets, Inc., and Fantastic Floors Stores enter into a contract for a sale of carpeting to be delivered under a shipment contract. This contract requires Elegant Carpets, the seller, to

In the majority of states, debtors may use only federal, not state, exemptions to exempt certain property from the bankruptcy.

If the assets in a debtor’s estate in bankruptcy are insufficient to pay fully all creditors, the debtor is liable for the difference.

Lindsay operates a sole proprietorship, a corporation, and a partnership. She wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, she may file a petition in bankruptcy for relief through​

Curt enters into a contract with Drivers Lease Company for a three-year lease of a car. This contract is subject to

A lender does not have to strictly comply with the state statute governing foreclosure—substantial compliance is sufficient.

Foreclosure is the legal process by which a lender repossesses and auctions off property that has secured a loan.