Question

Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners. Cornell's assignment of his interest in Equity Lending to Financial Consultants Corporation results in
a. ​Cornell's wrongful dissociation and liability for any damages.
b. ​the automatic termination of Equity Lending's legal existence.
c. ​nothing with respect to Cornell or Equity Lending.
d. ​Cornell's liability for all of Equity Lending's debts

Answer 1

Cornell's assignment of his interest in Equity Lending to Financial Consultants Corporation results in ​Cornell's wrongful dissociation and liability for any damages.

Option A

Explanation:

The creditor uses his home equity as collateral loans. A domestic equity loan is a debt form. The debt is based on the price of the land, and an appraiser from the lending institution calculates the property’s value.

Equity finance is a way to fund the business by raising money from creditors. Funding equities means raising money by providing investors some pieces of your business, known as shares. When a company owner uses equity funds, he sells part of his stake in his firm.

If there is a breach on a loan agreement, the first and most common solution used by the lenders is the harm compensation. This may include the difference in the loan volume and the price of new credit, and any reduction of profit or loss.