.ST. MARY’S UNIVERSITY SCHOOL OF LAW

CREDITOR’S RIGHTS FINAL EXAMProfessor Richard E. Flint Fall 1990

INSTRUCTIONS

I. This examination consists of three (3) questions on four(4) pages. Question 2 has two subparts. Question 3 hasthree subparts. Please make sure that you have all fourpages. You have three hours to spend on theexamination. Each question is weighted equally. Henceyou should spend 60 minutes on each question.

2. Be sure to put your examination number on each book,

3. Do not write on both sides on the page. You must writelegibly. Do not use pe ils tt~at Sate not sharp~br pensthat are nearly out of ink.

• 4. This examination is open book, You may refer to anywritten material you wish,

5. In answering each question, use judgement and commonsense. Emphasize the issues that are most important,Do not spend too much time on easy or trivial issues atthe expense of harder ones. If you do not know relevantfacts or relevant legal doctrine, indicate what you donot know and why you need to know it. You must connectyour knowledge of bankruptcy with the facts before you.Avoid lengthy and abstract summaries of general legaldoctrine.

6. In each question, assume you are writing a memorandumf or another lawyer in your firm. You are ~ in tRe~

pa5~t~on of an advocate. You must carefu±iy assess botnthe weaknesses and strengths of your client’s position.

.CREDITOR’S RIGHTS FALL, 1990

Professor Richard E. Flint Fage I

I. (one hour)1~-

Our client is Sam Saad,~, Last year he executed anagreed judoement witfr~ancOne )for 550, 000 as a result of hisf~n~a~ty to repay a’~romiss~y note. EancOne abs~ac.ted thejudgement in Bexar county(S~d)in Nueces_county. Sam is a

musician who live&’~TflTh mddest cdEdominium in San Antonio~which he purchased for 5150, 000 two years ago and which is

Tsubject to a lien of (45 00’ He plays in two or three gigs~a week and earned $50,000 last year. He is in financial

i±ftcutty ~becàLse of ~~S’tE’ST~o~ily divorce that he went~A?A through several years ago. In that divorce he executed a

ooc~ment entitied “Property Settlement Agreemen~T_unaer ~hicn Aterms he retained all the commurity prooert~y ~n retur~ foromy in g h ~ ~ of ncr ~i±~r”‘~ / / 1~A /

HeThiI~’ soè’xecütedcontracts ~with twoS members• of his band,T~~4>~guaranteeing them S3,~,onth each reaaE~~ss of the

income of the band, He has not paid his ex-wik~ the banda members for the last three months, and a ,rej~g,g~_n~writof

~ served yesterday on the bank where hemainta~.rs h~s onuy accounts The bank cauled Mm to notify ,‘ A

hmm Uat before the garnishment was served they had e~erc~sedtnemr r~ght to set-off ti~_,ancaunt hecau~ he owed them 65,000 ..~

on a rote that was ~t due or mn detaJfi~” The note ~—— - ~ ,, ~ . —

secureo or band equmpment worth fl,0~_~8~’ittrt~gahS company~ .r on his house has ~ his nôre due it as result of his

~ail.~re to make payments If this was not enough trouble he~] ~

~ bought a new car ~ and his check for the downpayment bounced and ne received a call from them thms morr~r~that they wanted him to bring it back or they would begin~

hotcheck proceedings against him. He tells us that he_never ~

gsaed. s_~e_ac~nt documents t or t be car, on ly an vfLseeuxag —~i~ote Fmnafly, r’e notes that Me filed a C’~apter ±3 ~everal -~

years ago and received a discharge after completing his plan;however, one of those creditors got real mad and Spade had to

~‘~hit him with a bat to get him off his pronerty. As a result~~(~there is~adina~a multimillion dollar’ lawsuit against him for

~ ~a,.~cmous mnjury He beime~es tnat ~e co.,ld fund a Ctapter uu~ plan from future oios. Prepare a memorandum discussinq the

~ possibiumtmes of hms filmng a ~napter luor 7 and thelikelihood for complete success of both. Please identify whatadditional information that needs to be compiled before a

- ,—_—~—————— .f~al ancwer ca~ be gmjen - / -,

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.CREDITOR’ S RIGHTS FALL, 1990Professor Richard E. Flint Page 2

IL (one hour)

—Th

a. In a bhapter~jbankruptc~,ças~,_pebtor elected hisnonbankruptcy e~~iQfl~ under rt22 (b)(2~ The trustee

seeks a court order requiring ~S~xam~-p~, if and when heshould sell any exempt property followin~~nh~r_~e, to notifythe trustee prior to the sale. t’h~’~E~fls for this is thetrustee’s assertion that, in most instances, nonbankruptcyexemption statutes exempt only s,E!~fic~p,Deflv, and ngt~ocee_ds. The trustee wants the chance to pursue thoseproceeds on behalf of the pre-bankruptcy claimants, if andwhen exempt property is sold. (a) If you were counsel forthe trustee, how would you advance this argument? (b) If youwere counsel for Debtor, how would you oppose it? (c) If you~ a~doiirt~bdndide±ihg thid contention, how would you ruleand why?

• b. Debtor is a founder and Executive Vice President ofEggplant Computers, a successful computer company now ~ovryea~~~Jd. Eggplant’s stock is held by approximately 15different people, all original investors or officers. In1983, De~~y was granted a stock_option with the following

-~F. terms ~~and conditions, The option c~’~F~ed~000 shares ofEggplant common stock, It was exercisable for a period ofdays commencing with Debtor’s fourth anniversary as an officerof Eggplant, an event ‘that occurred on ~ Theexercise price was ten cents a share. The option isas,p~fn,~,ble, and specifies that any stock issued pursuant to itwill have (in common with the rest of Eggplant’s stock)restrictions on transfer unless and until a public offerino iSmade of Eggplant common stock. ~,j ~ JThL~I ~-~-Th -

Debtor filed a petition in bankruptcy under Chapter 7 onThe trustee believes that the common stock iS

worth more than $20 a share and thinks he can sell it for thatamount to Arthur Krock, a wealthy venture capitalist who hasbeen . looking for a way into Eggplant Computers. Di. souss thebankruptcy law issues raised by these facts. (Assume thereare ~ issues.

a CREDITOR’S RIGHTS FALL, 1550Professor Richard E- Flint Page 3

~ I~II. .(one hour)• 7- ~tlc/JL

A. Last year, the ~Jtate bar associat~Q~7-uspended DavidDrunker from law practice for an i~~~Tinite period- Drunkerwas an alcoholic and a compulsive gambler and was hopelesslyin debt, He had tried to keep his head above water by doinglegal services for retirees and charging them outrageousprices (such as $10,000 to write a simple will or process a

~) ,,Medicare claim). At the time of his suspension, he was told—“ he could a s.k~o havehis l~censereinstatffd_~fter&Jear and

7-” :1~A.that heavy consideration would be gIven to the extent to whIch~ he had reimbursed or planned to reimburse the~various widows

he had overcharged, Drunker filed a Chapter(~ bankruptcy

petition last November and has been granted a discharge, Thebankruptcy court found that whatever claims the widows hadagainst him fell outside the ambit of ~ 523(a) and hence were

sut1eç_tto~schare.

Drunker has asked the bar association to lift thesuSpebsiohA In his petition he conceded that he had. not paidback any of the widows and did not plan to do so, He argues,however, that the bankruptcy discharge makes this factor onethat the bar may not consider it in deliberations, Pleaseadvise the state bar as to the merits of Drunker’s argument.

B. Bank made $50, 000 loan to Debtor two years ~o. Ittook an int5~!s~n,,~4Lof Debtor’s personal pr3pertv,

/ ~~rifl~ the initial loan and any subsequent ones it made,‘~Debtor was to make monthly installment payments of %2~~0,

J~,Q.mo,nths and a half, ,months ago, Bank discovered that it hadnot filed its financing statement correctly. Bank immediatelymade a proper filing and renegotiated the original deal, Itloaned an ~~tional’ $~5.0~ to Debtor, also on a

~gzi~. Monthly installment payments were increased to S3~~0.In a ~ from past practice, Debtor agreed to make itspayments i,n the form of a cashier’s check that was to be hand

ci””’ delivered to Bank on the first of every month. Three suchpayments were made before ~petition. Can Ban,k keep any or all of the installment

.j payments Debtor has, made? To what extent will its security

interest in Debtor’s assets be enforceable in bankruptcy?

C. Debtor runsagar den supply store. It has about 25different suppliers. As of the moment, Debtor o.wes a total ofabout 525, 000 to 22 of the suppliers, host of the $25, 000 hasbeen owing for ~ The suppliers request

C, payiper~~_,yj~hin SOdas 8.p..ct_gt’g ~ ate~,-r” ~ Over the past several years, Debtor has usually

fallen behind during the winter months when business was slow,.7- but most suppliers ~

~ and wait until spring. Some suppliers would write and askDebtor why payment was late, but even these were satisfiedwhen Debtor explained that it was waiting for business to pickup in the spring. Debtor owes more_th~~,,,y~,a~ than in past

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