Which one of the following is not accomplished during probate?
A)
The validation of the will
B)
Payment of claims against the estate
C)
Distribution of property in joint tenancy
D)
Determination of legal heirs
C
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In a bankruptcy, which of the following statements is true?
A. An order for relief results only from a voluntary petition. B. Creditors entering an involuntary petition must have debts totaling at least $21,625. C. Secured notes payable are considered liabilities with priority on a statement of affairs. D. A liquidation is referred to as a Chapter 7 bankruptcy, and a reorganization is referred to as a Chapter 11 bankruptcy.
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Indicate whether the statement is true or false