Kramer wants to sell his house for $200,000. Johnson signs a binding purchase contract that includes the following terms: 1) a purchase price of $200,000; 2) Johnson must pay $2,000 as earnest money upon signing (which he paid); 3) Kramer is entitled to retain the earnest money as damages if Johnson does not close on the scheduled date. One week before closing, Johnson gets a new job in a different city, and tells Kramer that he won’t close. A couple weeks later, Kramer sells the house to another buyer for $225,000. Johnson learns of the later sale, and demands that Kramer repay his earnest money.

Kramer owns a refrigerator that he uses in his home. Kramer is down on his luck, and wants to borrow $400 from Cal. Cal loans the money to Kramer, and gets a signed security agreement from Kramer that gives Cal a security interest in the refrigerator. Cal proceeds to file a timely financing statement. Kramer keeps possession of the refrigerator. Later Kramer defaults. No other creditors have a security interest in the refrigerator. Is Cal entitled to repossess the refrigerator from Kramer?

Kramer owes several creditors lots of money. His only two friends happen to also be creditors. Kramer uses his last few dollars to pay the debts he owes to his two friends. The next week Kramer files bankruptcy.

Assume the following timeline.May 1 — Ace Bank loans money to Kramer Company to fund the purchase of Equipment A. Ace Bank requires Kramer to sign a security agreement that provides that Ace Bank gets a security interest in Equipment A as well as a security interest in all equipment and inventory that Kramer may acquire in the future.May 2 — Equipment A is delivered to Kramer.May 4 — Bobs Bank loans money to Kramer Company to fund the purchase of Equipment B. Bobs Bank and Kramer sign a security agreement that provides that Bobs Bank gets a security interest in Equipment B, plus Bobs Bank also gets a security interest in Equipment A and all other currently owned equipment and inventory and all equipment and inventory that Kramer may acquire in the future.May 5 — Equipment B is delivered to KramerMay 6 — Bobs Bank files a financing statement relating to the collateral.May 8 — Ace Bank files a financing statement relating to the collateral.May 10 — Kramer Company uses its own funds to buy Equipment C.June 10 — Kramer goes broke and defaults on everything.Who is entitled to what?

Which of the following parties can obtain and benefit from a PMSI?

Solar easements in Minnesota

The square root of 144 is

Kramer leased a property to Ms. Tenant for a term of one year.  The property has a house and a garage.  Ms. Tenant likes making small furniture, so she installed a workbench, which she bolted to the studs and the joists of the garage.  She also bolted a bandsaw, a vise and a lathe to the workbench. Six months later, Kramer defaulted on the mortgage loan he owed to Bremer Bank, and Bremer Bank began a foreclosure action.  Bremer Bank told Ms. Tenant that she cannot remove the workbench or the equipment that is bolted to it.  Does Ms. Tenant have the legal right to remove any of this?  What factors would a court consider? Show me 3 points worth of knowledge.

A and B have adjoining property. A granted an easement to B to use a driveway that runs across A’s property. This is an example of

Kramer owns the dominant estate that benefits from an easement that allows automobile access across Serge’s property, which is directly west of Kramer’s property.  Kramer no longer needs the easement, and so he built a rock wall along the western boundary. Serge now wants to build a pool on a portion of his land that is part of the easement.  Can he? Why or why not?