Loan was secured by the molds that were used to form parts

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1. ABC Inc. borrowed funds from XYZ LLC to operate its auto parts business. The loan was secured by the molds that were used to form the parts. ABC contracted with FFF to make the parts and provided FFF with the molds. When ABC defaulted on its obligations to XYZ and FFF, FFF asserted a "molder's lien" against the molds in its possession. A molder's lien is similar to an artisan's lien. XYZ argued that the molds were its property. Which claim has priority? Explain.

2. Andy and Ben owned half of a two-unit residential building. Ben lived in the unit, but Andy did not. To collect a judgment against the, Dan obtained a writ of execution directing the sheriff to seize and sell the building. State law allowed a $100,000 homestead exemption if the debtor lived in the home and $175,000 if the debtor was also disabled and "unable to engage in gainful employment. Andy argued that he could not work because of "gout and dizziness." How much of an exemption were Andy and Ben allowed? Why?

Reference no: EM13966780

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