HBU222 : Essential Business Law – Business Law
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Get Help Now!- What exactly is a ‘security’? How is it ‘secure’?
2.What kinds of security are recognized by the law?
3.What are the legal characteristics of the different security interests that can be created over property?
4.What is the best method to secure a loan on each of the following assets?
(a) Car
(b) Computer
(c) Land
(d) Building
(e) 100 cows
(f) Plant and equipment
5.Jack is a builder. To raise finance for his business, he asked his elderly parents (born overseas, and with imperfect English) to guarantee his loan and to mortgage their home to the bank as security for his liability to the bank. They visit the local branch where they have always banked. If you were the manager of the branch, how would you advise the parties?
- Jane took her 75 horsepower outboard motor to Martin’s Marina and Repair Centre for its annual overhaul and service. Since considerable repairs and parts were needed, Jane left a deposit of $100 with Martin. Shortly afterward, but before making any repairs, Martin went bankrupt. What are Jane’s rights in the bankruptcy proceedings?
- What are the differences between a contract of guarantee and a contract of indemnity?
- P carries out repairs to D’s car, but because D cannot pay the repair bill, P refuses to allow D to take the car and the laptop on the back seat until D pays. Is P acting within his rights?
- What is the effect of a sequestration order on:
(a) Legal proceedings already commenced by creditors against the bankrupt?
(b) Legal proceedings already commenced by the bankrupt? - Brown owns a house worth $120,000 of which $100,000 is owed to the Territory Bank
secured by a mortgage over the house.
After a steady decline in his small business, Brown reached the point in June where he had difficulty paying his creditors. He wrote to three of his creditors advising them that he would pay ‘the money I owe all creditors’ some-time in July.
These included the City Council to which he owed $3,000 as rates on his house. The Council wrote back advising that payment was not due until July and if he could not paythem, he would incur interest. Of the other two, B said he would accept payment of his $2,000 in July but C insisted on immediate payment of his $1,000.
Because of C’s insistence, Brown approached the Territory Bank for a loan of $4,000. The Bank, unaware of Brown’s financial difficulties, advanced $4,000 by way of overdraft secured by a mortgage on his furniture. The Bank opened an overdraft account for him from which he could draw to the limit of $4,000.
In early July, Brown drew two cheques – one for $3,000 which he posted to the City Council and one for $1,000 which he paid to C. By then Brown realized his position would only worsen. On the advice of his accountant, he filed a debtor’s petition in the Federal Court in early August.
In late August notice of the petition was listed in the Trade Journal which is circulated daily through the banks, but the bank’s security officer did not recognize the debtor as a customer of the bank. The bank paid the two cheques of the City Council and C when they were presented for payment. The Official Receiver requires as many assets as possible to distribute among the many creditors. Advise the Official Receiver of its legal position.
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