MRL 3701 SIMPLIFIED STUDY
QUESTIONS AND ANSWERS
In common parlance, a person may be said to be insolvent
when his liabilities, fairly estimated, exceed his assets, fairly
valued
FALSE
A debtor who has no assets and only liabilities cannot
surrender his estates
TRUE
When the debtor applies for voluntary surrender, the debtor's
affidavit, verifying that the statement of affairs is true and
complete and that every estimated amount contained in it is
fairly and correctly estimated, may be attested by the
applicant's attorney.
FALSE
The debtor commits an act of insolvency if he gives notice in
writing of inability to pay any single one of his debts
TRUE
The court may exercise its discretion to refuse to grant a
sequestration order if the debtor has instituted an action for
damages against the creditor which, if successful will wipe out
the creditor's claim
, TRUE
While Sam is under sequestration, she breaks Tim's jaw in a
fist fight and so Sam, not the trustee of Sam's insolvent estate,
may now be sued by Tim for delictual damages.
TRUE
Boris green, the trustee of the duly constituted Smith Family
Trust, buys a car with moneys deposited in that duly
constituted trust fund, and when Boris's personal estate is
later sequestrated that car falls into his insolvent estate
FALSE
A solvent wife will not be able to obtain the release of
property which was donated to her by her husband while she
knew that he was going to apply for the voluntary surrender
of his estate.
TRUE
Britney's estate is sequestrated before she has been registered
as the new owner of the farm that she bought from Allan, and
so if the trustee of Britney's estate duly elects to uphold this
contract to buy Allan's farm the court will probably grant Allan
an order requiring Britney's trustee to pay Allan the purchase
price if there are no good reasons why Britney's trustee should
refuse to pay the purchase price to Allan.
TRUE
QUESTIONS AND ANSWERS
In common parlance, a person may be said to be insolvent
when his liabilities, fairly estimated, exceed his assets, fairly
valued
FALSE
A debtor who has no assets and only liabilities cannot
surrender his estates
TRUE
When the debtor applies for voluntary surrender, the debtor's
affidavit, verifying that the statement of affairs is true and
complete and that every estimated amount contained in it is
fairly and correctly estimated, may be attested by the
applicant's attorney.
FALSE
The debtor commits an act of insolvency if he gives notice in
writing of inability to pay any single one of his debts
TRUE
The court may exercise its discretion to refuse to grant a
sequestration order if the debtor has instituted an action for
damages against the creditor which, if successful will wipe out
the creditor's claim
, TRUE
While Sam is under sequestration, she breaks Tim's jaw in a
fist fight and so Sam, not the trustee of Sam's insolvent estate,
may now be sued by Tim for delictual damages.
TRUE
Boris green, the trustee of the duly constituted Smith Family
Trust, buys a car with moneys deposited in that duly
constituted trust fund, and when Boris's personal estate is
later sequestrated that car falls into his insolvent estate
FALSE
A solvent wife will not be able to obtain the release of
property which was donated to her by her husband while she
knew that he was going to apply for the voluntary surrender
of his estate.
TRUE
Britney's estate is sequestrated before she has been registered
as the new owner of the farm that she bought from Allan, and
so if the trustee of Britney's estate duly elects to uphold this
contract to buy Allan's farm the court will probably grant Allan
an order requiring Britney's trustee to pay Allan the purchase
price if there are no good reasons why Britney's trustee should
refuse to pay the purchase price to Allan.
TRUE
