Which of the following can be considered after acquired property? O Inventory Livestock Inventory, livestock, or equipment C ) Inventory and equipment, but not livestock Which of the following is not a requirement for becoming a holder in due course? Multiple Choice 0 ) The holder must take the instrument for value. 0 The holder must either pay for the instrument or receive it as a gift. 0 ) The holder must take the instrument in good faith. 0 The holder must take the instrument without notice of defects. 0 ) The party must be a holder of a complete and authentic negotiable Instrument Claims to Funds. Paul had a great job as a bank executive. Unfortunately, his bank came under scrutiny by federal regulators, and although Paul had done nothing illegal, he ended up being fired. Unfortunately for Paul, he had a number of debts. Among his assets was a house worth $250,000 on which he owed $150,000 to a bank, which held a security interest; three vehicles; an expensive watch worth $5,000; and $120,000 in an Individual Retirement Account (IRA). He owed $900 per month in child support to his ex-wife Suzy and was behind on payments in the amount of $1,800. He also owed $2,000 in wages consisting of four months of back pay to Bob who took care of Paul's landscaping needs and swimming pool care. Unable to find a job and believing that he had no other option, Paul filed for Chapter 7 bankruptcy. All creditors angrily demanded payment from liquidation of Paul's assets. Paul, on the other hand, claims that he needs all the above-mentioned assets and that he should not have to give up anything. Only federal bankruptcy exemptions apply to Paul's case. Which of the following forms Paul's bankruptcy estate? Multiple Choice 0 O Only the real estate 0 Only the nonexempt assets 0 O All his prepetition assets 0 ) Only the jewelry and the Individual Retirement Account 0 Only the personal goods lacking a security Interest
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