37)Which of the following is true of stock? 38)Which of the following is true of
ID: 430995 • Letter: 3
Question
37)Which of the following is true of stock?
38)Which of the following is true of a quorum?
39)A corporation that is incorporated in another country is known as a(n) _____.
40)James mortgaged his house and received a certain amount of money in return as a loan. However, he repaid half the loan in six months. Which of the following is likely to be true in this scenario, at the present moment?
41)Which of the following best defines subrogation?
42)Jake, a businessman, filed for bankruptcy and was declared insolvent by the courts. He owed $15,000 each to two creditors and $5,000 each to two others. The courts also decreed that he should sell his house worth $30,000, to pay his debts. Which of the following is legally permissible in this scenario?
A) Preference stock cannot be sold by the owner without the company’s permission.Explanation / Answer
37)Which of the following is true of stock?
An unregistered owner of stock is not entitled to dividends.
38)Which of the following is true of a quorum?
Under the common law, a quorum consists of the stockholders represented by proxy at a properly convened meeting.
39)A corporation that is incorporated in another country is known as a(n)
alien corporation
40)James mortgaged his house and received a certain amount of money in return as a loan. However, he repaid half the loan in six months. Which of the following is likely to be true in this scenario, at the present moment?
The mortgagee has an insurable interest towards the entire loan amount.
41)Which of the following best defines subrogation?
It is the right of an insurer to assume the legal rights of the insured.
42)Jake, a businessman, filed for bankruptcy and was declared insolvent by the courts. He owed $15,000 each to two creditors and $5,000 each to two others. The courts also decreed that he should sell his house worth $30,000, to pay his debts. Which of the following is legally permissible in this scenario?
Jake is entitled to sell his house and pay the creditors on a pro-rata basis.
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