Test 2-With Answers
Debtor Creditor Relationships (AHRM 4314)
Fall Semester 2005
NAJJE ____________________ _
This Test has three sections. Read the instructions for each section carefully. Then read each
question carefully. This Test is individual work. There is to be no assistance (a) from other
material (written, electronic, or whatever) or (b) from any other person or persons.
Section 1-(10 points) Read each statement carefully. For each statement circle the most
appropriate characterization of that statement as being either "T" for true or "F" for false.
1. When a senior lien holder forecloses on a collateral security interest, that
foreclosure will extinguish the obligation of the debtor to repay the
balance of any debt owed to any junior lien holder/creditor.
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