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Los Angeles Lawyer
The Magazine of the Los Angeles County Bar Association
MCLE Test and Answer Sheet
Test No. 113: Waiting for the Dust to Settle
(February 2003)

Instructions for Obtaining MCLE Credits

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.

1.Study the CLE article in this issue.

2.Answer the test questions by marking the appropriate boxes. Each question has only one answer. Photocopies of this answer sheet may be submitted; however, this form should not be enlarged or reduced.

3.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. A preference is any transfer of a debtor’s property or an interest therein to a creditor in satisfaction of a debt.
True.
False.

2. To be considered a preference, a transfer of the debtor’s property or interest must have taken place within 90 days before the bankruptcy petition was filed. True.
False.

3. One public policy behind preference law is to treat similarly situated creditors equally.
True.
False.

4. A preference action must be filed within 90 days of the filing of a bankruptcy petition.
True.
False.

5. A debtor is presumed to be insolvent within 90 days before the filing date of the bankruptcy petition, but this presumption is rebuttable.
True.
False.

6. The burden of proof in a preference action is completely on the creditor.
True.
False.

7. A transfer by check occurs when the check is honored.
True.
False.

8. When the debtor and the creditor intend for a transfer to be a contemporaneous exchange for new value, the transfer may not be avoided by the trustee.
True.
False.

9. A creditor who receives a payment that does not comport with its usual business arrangements with the debtor may assert the “ordinary course of business” defense.
True.
False.

10. Only three defenses to preference actions are available.
True.
False.

11. A payment to settle a lawsuit is always in the ordinary course of business.
True.
False.

12. The value of goods or services that are provided to a debtor before a preferential payment is received can reduce the amount of the preference.
True.
False.

13. The value of goods or services provided to a debtor for which a creditor is paid can reduce the amount of a preference.
True.
False.

14. The value of goods or services provided to a debtor after a preferential payment is received and for which a creditor is not paid can reduce the amount of the preference.
True.
False.

15. Structured settlement payments are considered to be part of the debtor’s ordinary course of business.
True.
False.

16. The contemporaneous exchange defense always applies to settlement payments.
True.
False.

17. A trustee is not required to pursue all potential preference actions.
True.
False.

18. Under the Bankruptcy Code, ipso facto provisions are valid in executory contracts.
True.
False.

19. A clause that provides that a contract is invalid when a debtor files a bankruptcy petition is an ipso facto provision.
True.
False.

20. A debtor’s contract rights become property of the debtor’s estate despite the existence of any ipso facto clauses in an agreement between the debtor and the creditor.
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 hitting the "Submit" button please verify that all questions have been 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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