Kramer owes several creditors lots of money. His only two friends happen to also be creditors. Kramer uses his last few dollars to pay the debts he owes to his two friends. The next week Kramer files bankruptcy.

The type of bankruptcy most commonly used by corporations is

Which of the following parties can obtain and benefit from a PMSI?

The square root of 144 is

Kramer owns a farm in Minnesota.  He generally hates people and dogs, so he posts several “No Trespassing” signs around the property. Zeno drives his snowmobile onto Kramer’s property without permission, and sustains serious injury when he drives through a wire fence that surrounds Kramer’s pasture.  Tortious, Kramer’s son, has permission to hunt on Kramer’s property.  A ladder to a tree stand is in disrepair, and Tortious is severely injured when the ladder breaks. Both Zeno and Tortious sue Kramer for negligence. What is the probable outcome of each lawsuit?

Kramer owns the dominant estate that benefits from an easement that allows automobile access across Serge’s property, which is directly west of Kramer’s property.  Kramer no longer needs the easement, and so he built a rock wall along the western boundary. Serge now wants to build a pool on a portion of his land that is part of the easement.  Can he? Why or why not?

A spouse who owns 100% of a homestead can convey that property without the consent of the other spouse.

Based on the following facts, what is the result under Minnesota law? A subcontractor timely delivered a proper 514.011 notice and timely filed a proper statement of claim. In order to maintain a valid lien on the property that is good against both the property owner as well as third parties who might purchase the property, the subcontractor must begin her lawsuit and file a notice of lis pendens

Kramer makes the following inter vivos grant of Minnesota real estate:  “To my son, Tortious, so long as the property is used as a turtle ranch.”  Ten years later, Kramer dies and his will leaves all his property to Tortious.  Tortious had used the property as a turtle ranch for the ten years prior to Kramer’s death.  Upon Kramer’s death  

(4 points)   You make and install custom kitchen cabinets, which are specifically designed to fit the homeowner’s kitchen. You believe Kramer is a fatcat, so you agree to sell and install cabinets in his home for an agreed price of $20,000, and you agree to wait to be paid until the work is complete. Before you begin, you and Kramer sign the construction contract as well as a security agreement that pledges the cabinets as collateral. The work is completed on July 20. Alas, Kramer is a deadbeat and he doesn’t pay you. Fortunately, in your construction contract with Kramer, you included the proper pre-lien notice required by Minn. Stat. 514.011. You also filed a fixture financing statement on July 27. Surprisingly, even though Kramer is a deadbeat, there is no mortgage or any other lien against his property. What are your two options?  Which one would you choose and why?