aicpa财务会计与报告（far）suretyship

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1、RegulationModule28:Debtor-CreditorRelationshipInstructor:Helen08/23/20091M28Debtor-CreditorRelationshipsA.RightsandDutiesofDebtorsandCreditorsB.NatureofSuretyshipandGuarantyC.Creditor¡sRightsandRemediesD.Surety¡sandGuarantor¡sRightsandRemediesE.Surety¡sandGuarantor¡sDefensesF.Cosureties2

2、A.R&DofDebtorsandCreditors3AR&DofDebtorsandCreditorsCreditor¡sclaimsonrealorpersonalpropertytosecure1.Lienspaymentofdebtorperformanceofobligationsa)Mechanic¡sLien(Materialman¡sLien)StatutoryLienonrealpropertytosecurepaymentsofdebtsormaterialstoimproverealproperty.Ex.workersbuildingahous

3、eb)Artisan¡sLienOccurswhenrepairsorimprovespersonalpropertyforanotherandretainspossessionuntilisofferedpaymentEx.repairmanc)Innkeeper¡sLienAllowshoteltokeeppossessionofguest¡sbaggageuntilhotelchargespaidd)JudgmentLienToavoiddebtorfraudulentlytriestopreventcreditorfromsatisfyingajudgme

4、ntEx.secretconveyances4AR&DofDebtorsandCreditors2.AttachmentAcourt-orderedseizureofpropertyduetolackofpaymentpriortocourtjudgmentforpast-duedebt3.ExecutionAremedyinwhichcourtorderdirectssherifftoseizedebtor¡spropertywhichcanthenbesoldatjudicialsaletopayoffcreditor4.GarnishmentAllowscr

5、editortoseizemoneyowedtodebtorby3rdpartyaftercourtjudgmentEx.banks(debtor¡saccount)oremployer(debtor¡swage)5.CompositionAgreementwithCreditors¡okay,payusless¡a)Occursby≥2creditors¡agreementwithdebtortoaccept

6、tes,thosedebtsaredischarged5AR&DofDebtorsandCreditors6.AssignmentfortheBenefitofCreditorsa)Debtorvoluntarilytransfersallassetstoanassigneetobesoldforthebenefitofcreditorsb)Theassigneetakeslegaltitlec)Satisfiedcreditorsreceiveproratashareofdebttheyareowedd)Dissatisfiedcreditorsmayfileapet

7、itioninbankruptcyandassignmentmaybesetaside7.InHomesteadExemptionMustbetheprimaryresidenceProvidesexceptionfordebtor¡shomesothatunsecuredcreditorsandtrusteesinbankruptcymaynotsatisfydebtsfromequityindebtor¡shome6AR&DofDebtorsandCreditors8.FairDebtCollectionPracticesActRe