1. 32.1 Quiz Review

2. Reference
Stuff I know
Main Topic
Summary
Stuff I learned

3. 10 Review Terms unsecured debt pledgor mechanic’s lien surety
artisan’s lien
lien
pawn
suretyship
pledgee
principal debtor
garnishment

4. A debt based only on the oral or written promise of the debtor
Unsecured Debt
A debt based only on the oral or written promise of the debtor

5. A debtor who voluntarily gives up possession of the property
Pledgor
A debtor who voluntarily gives up possession of the property

6. Mechanic’s Lien
A lien that allows a person who has not been paid for labor to build a house or building to file a legal claim against the property

7. Surety
A third party who promises to be liable in case of default by the principal debtor

8. Artisan’s lien
A lien that allows a person who has not been paid for services to retain possession of the item to be serviced until they are paid

9. Lien
Gives the creditor the right to sell a specific property in the case of default on a payment and use the proceeds to pay the debt

10. Pawn
A pledge of tangible personal property, usually of small size and comparatively high value

11. Suretyship
A contractual relation in which a third party agrees to be primarily liable for the debt if payment becomes overdue

12. A creditor who gets possession of the property
Pledgee
A creditor who gets possession of the property

13. A person who owes the debt or obligation in a suretyship
Principal Debtor
A person who owes the debt or obligation in a suretyship

14. A debt based only on the oral or written promise of the debtor
Garnishment
A debt based only on the oral or written promise of the debtor