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MRL3701 TRUE / FALSE | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRL3701 TRUE / FALSE | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRL3701 TRUE / FALSE | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
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
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