Laws relating to creditors' rights are extremely complex and may vary by state. And yet, businesses that occupy the creditor position must comply fully with these technical requirements, including filing, time, and notice provisions, if that business wishes at some point in the future to seize a debtor's assets or foreclose upon real property.

1. Do you think that the necessity of written documentation of legal transactions is more urgent in the area of creditors' rights than it is in other areas of law studied in this class, or in Business Law I? State your position on this question, and then justify your perspective, making sure to reference the text and materials in the course to support your viewpoint.

2. Locate a recent article pertaining to the "homestead exemption" that you studied in Unit 5 text and materials. Using the article and your understanding of the "homestead exemption" answer the following questions.

A. What is a "homestead exemption?"

B. How does the article you selected enhance your understanding of the impact of a "homestead exemption"?

C. New Jersey does not currently have a "homestead exemption." If you were a legislator in New Jersey, would you propose the addition of a "homestead exception?" Justify your position.