Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tom horton is building a cabin on land that he alr

Tom Horton is building a cabin on land that he already owns. He hired Landmark...

80.2K

Verified Solution

Question

Accounting

Tom Horton is building a cabin on land that he already owns. He hired Landmark Builders as his contractors. The cabin was completed except for internal finishing work when Landmark declared bankruptcy. Horton had agreed to pay Landmark $475,000 for construction of the cabin and had paid out $400,000 to Landmark by the time Landmark declared bankruptcy. Subcontractors for the framing, roofing, staining, and grading are owed $125,000. The subcontractors have all filed (properly) liens on the property. Which of the following statements is not true?

a. The subcontractors can pursue their claims in bankruptcy.

b. In some states, Horton could be required to pay the subcontractors.

c. The homestead exemption would not apply to a cabin type of home.

d. Some states provide protections against requiring residential property owners to pay subcontractors left unpaid by an insolvent contractor.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

True or False: (PE = Physical Education) 1. A degree in Physical Education was historically viewed...

Chemistry
1.2K views

what is the difference between an amorphous, an oriented, and a crystalline plastics?

Basic Math
1.2K views

A kitchen has a tabletop that is a rectangle 61 cm long and 46 cm...

Basic Math
1.2K views

Individual Work Graph the developmental rates of both the fetal pig and the human embryo...

Basic Math
1.2K views

The radius of a circle is 5 cm. Find its area to the nearest tenth.

Calculus
1.2K views

The ellipse x 4 6 1 can be drawn with parametric equations Assume the curve...

Algebra
1.2K views

Solve each inequality 5 8 7 x 3 27 A x 4 or x 7...

Accounting
1.2K views

Harding, Jones, and Sandy, a partnership, is in the process of liquidating. The...

Accounting
1.2K views

Fazel Company makes and sells paper products. In the coming year, Fazel expects total sales...

Accounting
1.2K views

please do general journal entry for each transactions total entries should be 9 ...

Finance
1.2K views

You have just purchased a new warehouse. To finance the purchase, you've arranged for a...

Finance
1.2K views

This is your chance to some of your money knowhow. Share with your classmates a...