Page 656 - WhyAsInY

Why (as in yaverbaum)
it actually came into play. Betelgeuse is the ninth-brightest star in the night sky. Cousin Louie was the perpetual beneficiary of unearned “fees” or inflated prices in Real Estate Finance.]
FILL IN THE BLANKS
B-2. The capital of the country to which defaulting borrowers in Real Estate Finance are likely to flee with rents or other moneys owed to their lenders is _____________________________________.
[Brasília; fleeing to Brazil with the rents or other moneys was a possibility to which I often referred when I spoke about the concept of exculpatory (“non-recourse”) provi- sions. Rio de Janeiro would have been given half noncredit, assuming that it was spelled correctly.]
B-3. The performance of “Mustang Sally” is a high point of a 1991 feature film that bears the name of a subject that we covered for at least two weeks in the course. The name of the film is _____________________________________.
[The Commitments, which is about an Irish rock ’n’ roll group and is well worth watching.] MULTIPLE CHOICE
B-4. I paid no attention to your discussion about the Rule in Shelley’s Case (concerning a conveyance of Blackacre from A to B, remainder to B’s heirs), because
A. I memorized it in the Property course.
B. I know no one named Shelley, A or B.
C. I have no intention of living in England in the sixteenth century.
D. I was playing Grand Theft Auto on my computer.
E. I knew that there was no way in the world that it would be referred
to on the final exam.
[Equal noncredit would have been given to D and E. The Rule in Shelley’s Case is a principle of English law to the effect that if, in a single grant, a freehold estate is given to a person and a remainder is given to the person’s heirs, the remainder belongs to the named person and not the heirs, so that the person is held to have a fee simple abso- lute. Huh? I used it to show that the use of real estate structuring for the purpose of tax avoidance was a practice that is not new in our times. When Senator Robert Kennedy
• 638 •