1. A corporation ceases to exist when the shareholders die. _______
2. Every business needs a relationship with a financial institution. _______
3. The law governing negotiable instruments is the Bills of Exchange Act. _______
4. A secured creditor has priority over other general creditors. ______
5. A guarantor agrees to pay the debt of another person if that person defaults on payments to the lender. ______
6. A guarantor agrees to be responsible along with the debtor on payments to the lender. _______
7. The purpose of the Bankruptcy and Insolvency Act is to ensure creditors realize as much as possible when debtors are insolvent-cannot pay debts as they become due and 2^nd to rehabilitate debtors-not a punishment. _______
8. Creditors must accept the proposal for repayment put forth by a debtor under the Bankruptcy and Insolvency Act. _______
9. A debtor can be forced into bankruptcy. _______