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 Los Angeles Lawyer
The Magazine of the Los Angeles County Bar Association
 
 

October 2009     MCLE Test and Answer Sheet

Test No. 185: Take It to the Bank

 
 

Instructions for Obtaining MCLE Credit

The Los Angeles County Bar Association certifies that this activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1 hour. To apply for credit, please follow the instructions.

1. Study the CLE article.

2. Answer the test questions by marking the appropriate boxes. Each question has only one answer.

3. Photocopies of this answer sheet may be submitted; however, this form should not be enlarged or reduced. Mail the answer sheet and the $15 testing fee ($20 for non-LACBA members) to:

Los Angeles Lawyer
MCLE Test
P.O. Box 55020
Los Angeles, CA 90055 

Make checks payable to Los Angeles Lawyer.

4. You can also fill in the test form and submit it directly to LACBA by clicking "Submit." To submit your test answers online you will need to pay by credit card. After submitting your answers you will be presented with a screen requesting payment information. This information will be submitted in a secure mode which will allow you to safely transmit your credit card number over the Internet. If you prefer not to pay by credit card, please print this answer sheet and submit your responses by regular mail.

5. Within six weeks, Los Angeles Lawyer will return your test with the correct answers, a rationale for the correct answers, and a certificate verifying the CLE credit you earned through this self-assessment activity.

6. For future reference, please retain the CLE test materials returned to you.

 
 Test Sheet
 
 

Mark your answers to the test by clicking next to your choice.  All questions must be answered.  Each question has only one answer. This test is worth 1 hour of credit.*

1. Information about a bank's risk of going into a receivership is easy to obtain.
 True.
 False.

2. The Federal Deposit Insurance Corporation (FDIC) is the only regulator responsible for banks and thrifts.
 True.
 False.

3. The FDIC has the same discretion in managing a bank receivership that a bankruptcy trustee has in managing a corporate bankruptcy.
 True.
 False.

4. The resolution method that is the most frequently used for failing banks today is:
 A. Open bank assistance.
 B. Regulatory forbearance.
 C. Purchase and assumption transactions.
 D. Depositor payoffs.

5. A class action settlement generally does not require court approval.
 A. The cost to the government.
 B. The speed of resolution.
 C. The effect on other banks.
 D. The effect on banking customers and the community.

6. When the FDIC is selling failed bank assets, it typically offers them only to a prequalified set of potential bidders.
  True.
 False.

7. Buyers of troubled bank assets usually can expect some negotiation and competition over the price but not the terms.
 True.
 False.

8. In a receivership, most classes of creditors will receive equal treatment.
 True.
 False.

9. A bank's creditor may protect itself with a contract term that makes the bank's receivership an event of default.
 True.
 False.

10. Bank receivers generally give creditors 90 days to file their claims against the bank or else lose their rights.
 True.
 False.

11. A bank receiver will apply conventional contract law to assess claims that contracts of a failed bank have been properly completed, approved, or modified.
 True.
 False.

12. Among classes of bank creditors, do insured depositors usually enjoy some preference or higher priority in a bank's receivership?
 True.
 False.

13. Do uninsured depositors usually enjoy some preference or higher priority in a bank's receivership?
 True.
 False.

14. Do borrowers with a secured loan usually enjoy some preference or higher priority in a bank's receivership?
 True.
 False.

15. Do parties to a swap or forward contract usually enjoy some preference or higher priority in a bank's receivership?
 True.
 False.

16. Does a bank's landlord usually enjoy some preference or higher priority in a bank's receivership?
 True.
 False.

17. Does a bank's tenant usually enjoy some preference or higher priority in a bank's receivership?
 True.
 False.

18. Does the holder of a bank's uncollateralized letter of credit usually enjoy some preference or higher priority in a bank's receivership?
 True.
 False.

19. The receivership of one lender in a multi-lender syndicated loan will always prevent the outstanding undisbursed balance of the loan from being funded to the borrower.
 True.
 False.

20. Like a bankruptcy trustee, bank receivers have some powers to undo recent, economically unfavorable transactions.
 True.
 False.

Address and Billing

After submitting your answers you will be asked to enter your name, address, and payment information on the next screen. Once you have submitted the current form, you will be switched to a secure mode which will allow you to safely transmit your credit card number over the Internet.

If you do not wish to complete this transaction over the Internet you should print this page and send it to the address listed in Step 3 of the instructions at the top of this page.


 
Before clicking the Submit button, please verify that all questions have been answered. An error message will appear if not all questions are answered.

* The Los Angeles County Bar Association has been approved as a continuing legal education provider of Minimum Continuing Legal Education credit by the State Bar of California. This self-assessment activity will qualify for Minimum Continuing Legal Education credit by the State Bar of California in the amount of one hour.

 


 
  
 

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