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

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

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

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

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

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

Under the UCC, good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

Ronaldo’s debt to Sofia is past due. Ronaldo obtains a judgment against Sofia to collect the debt, but Sofia will not pay. Ronaldo requests a writ of execution. The property that is seized under the writ of execution must be​

Proceeds from the disposition of collateral after default are distributed in a certain order with any surplus generally going to the creditor.

A mortgage is recorded in the appropriate county office where the property is located.