Overpopulation Sustainability Of Human Life - 1438 Words

Overpopulation: Sustainability of Human Life Overpopulation, in my belief, is becoming one of the foremost problems facing human civilization. This complex, permeating issue will likely prove to be a problem of paramount importance for all people in the future. Overpopulation is a serious global issue that is often overlooked by most people. This is likely due to lack of knowledge and fast paced distracting lifestyles we embrace this day and age. While it is not a common problem or subject we speak of, it is a problem, in my opinion, that needs to be addressed and solved immediately. In the past 50 years the world population has doubled and our planet now provides for over 7 billion people (U.S. Census Bureau, 2014). We need to understand the detriments of such rapid growth in population and what it could mean for our future as a species and the planet as a whole. Problems that occur due to overpopulation could lead to an epidemic that would ultimately wipeout the human race. Although we as humans feel it is our right to procre ate, we must look at the bigger picture and realize that everything we are doing in the present will affect the entire planet in the future. To better understand overpopulation, we need to define it. The term overpopulation means: a situation in which the number of individuals of a given species (in this case: humans) exceeds the number that its environment can sustain (Merriam-Webster). â€Å"Population is determined by the interplay of two factors. OneShow MoreRelatedAnalyzing The Issues Of World Overpopulation1413 Words   |  6 Pagesof world overpopulation The current population on Earth is around 7 billion people, statistics show that by 2050 the world will reach to about 8 – 11 billion people. If we look back on the progression of the world and its increase in population you will currently find that the world population is growing rapidly, this leads to the fearful effect of overpopulation. Overpopulation is the number of the existing human population that exceeds the capacity of the Earth. Progressively the human populationRead MoreThe Effects Of Our Lack Of Sustainability Of Earth On Children1251 Words   |  6 PagesThe sustainability of the current environment is something that is important to the future generations of the world. The Earth is in a constant state of change and the inhabitants of Earth are called to make decisions on how to maintain a stable and healthy environment for future generations. The biggest contributor to the negative effect on the Earth is pollution. Pollution has not only put a physical burden o n the environment, but it has altered the way that we think about living here. ThousandsRead MoreThe Ramifications Of Population Growth1136 Words   |  5 PagesRAMIFICATIONS OF POPULATION GROWTH Global human population is mounting at an alarming rate. In fact, in the next fifteen years, it is expected to reach 8.5 billion. Even if a worldwide policy of two children per couple, instead of the current 2.8, were enacted tomorrow, the global population would continue to grow for about seventy years before stabilizing at about thirteen billion people (Pimentel, 155). The ramifications of such growth could be catastrophic. Overpopulation contributes to a multitude of problemsRead MoreThe Effects Of Overpopulation On The Environment1400 Words   |  6 Pagespopulations are multiplying globally. Overpopulation is a major issue, affecting both the earth and it’s inhabitants. The exponential rise of the human race directly affects the exponential downfall of the environment it rises over. Water is becoming polluted and scarce, land is shrinking, and extensive use of fuel is contaminating the atmosphere. Deforestation and global climate change are causing a downfall in biodiver sity around the world. One can argue that overpopulation is the cause of all these phenomenaRead MoreEffects of Climate Change Essay1095 Words   |  5 Pagesthat is used for both human habitation and the production of crops and livestock, while still continuing to multiply at the same rate. This is exactly what global climate change is causing. There are three key areas that overpopulation will affect; the environment, Earth’s sustainability, and the impact on human life. 1 out of 8 human deaths are linked to poor air quality. It is common in big cities to have smog and frequent air alerts, if Wisconsin becomes a shelter for humans who become displacedRead MoreSustainability Position Paper : Natural Resources And Technology1652 Words   |  7 PagesSustainability Position Paper Natural resources and Technology Sarah Manzoor AB975 â€Æ' Introduction Sustainability has normally been defined as how biological systems remain diverse and productive (What is sustainability and why is it important?, 2016). However, in today’s world it refers to the need to develop methods for the earth to survive. We live in a developed world where natural resources as being consumed very fast and this is something that needs to change. Sustainability is also about thinkingRead MoreSustainability Is A Focal Point And A Significant Part Of Life1431 Words   |  6 Pages One of the most vigorously debated topics is the issue of sustainability. These include climate change, overpopulation, pollution, and ignorance to the damage being done to the environment. The climate that all living things have come to rely upon is changing because of global warming. Today, sustainability has become a focal point and a significant part of life. Sustainability is defined as the ability to meet current environmental, ecological, economics, social and cultural needs without riskingRead MoreThe Effects Of Overpopulation On The Human Population1532 Words   |  7 Pages overcrowding has concerned many scientists, researchers, and the human populace as a whole. Overpopulation, the condition where an area holds more people than in which the area can properly function, is a serious issue which has many adverse effects on the well-being of a healthy human population. A growing seven billion people live on Earth and factors such as pollution, and human well being may all b e affected by overpopulation, and continued growth in population will cause an even greater impactRead MoreOverpopulation : We Must Figure It Out For Save The World Essay1645 Words   |  7 Pages Overpopulation: We Must Figure It Out to Save the World It may not be something you think about often, but human population growth is a big issue in our world today and this problem needs to be solved in the future to save our planet. Overpopulation is a condition that will be in effect if the population exceeds the carrying capacity on Earth. The carrying capacity is the peak population that can sustain human life on Earth. It is uncertain what Earth’s carrying capacity is for the human raceRead MoreEssay on Overpopulation and Environmental Degradation737 Words   |  3 PagesOverpopulation and Environmental Degradation At the time of the agricultural revolution, nearly ten thousand years ago, the population of the globe was no more than ten million. Today the world population is estimated at over six billion. In the last hundred years the population has more than tripled. With the population rising at an enormous rate of 1.7 million a week, the world as a whole is being drained of its resources. (Southwick, 1996) Different theories have prevailed on what will occur

Insolvency in anglo american law Free Essays

string(127) " this type is trade creditors who are so â€Å"uninformed that they systematically undercharge for the extension of credit† ii\." Introduction A. General 1.The concept of security There are many attempts to define â€Å"security†, but this concept varies in different countries, and even in different fields of economic and financial activity. We will write a custom essay sample on Insolvency in anglo american law or any similar topic only for you Order Now Simply put, it can be understood that â€Å"security† is originated from the instinctive fear of risk of financiers. It is similar to a guarantee that someone’s investment, at least, will not make him loose more than what he expects to gain. As clarified by Professor Goode, the concept of security depends on concepts of ownership and possession; it â€Å"involves the grant of a right in an asset which the grantor owns or in which he has an interest†. ‘Security’ is not officially defined under English law. Its scope has to be drawn from judicial interpretations. Pursuant to the judgment of Re Paramount Airways Ltd, security is defined as â€Å"created where a person (the creditor) obtains rights exercisable against some property in which the debtor has an interest in order to enforce the discharge of the debtor’s obligation to the creditor.†However, this definition is not fixed. The problem of lacking an official definition results in some uncertainties in regulating secured credit under English law. Under American law, in contrast, ‘security interest’ is clearly defined as â€Å"an interest in personal property that secures either payment of money or the performance of an obligation†. The functional approach in secured transaction under American legislations is preferred than the formal approach under English law. There are two main types of security which are fixed and floating charges. A fixed charge is defined as â€Å"a charge or mortgage secured on particular property, such as land and buildings; and intellectual property such as copyrights, patents, trade marks. A floating charge is an equitable charge on assets which can continued to be traded from time to time without the reacceptance of the mortgagee.Between these two, floating charge is used more commonly. 2.The purpose of taking security According to Professor McCormack, there are several reasons of taking security. Firstly, security will give priority to a creditor over other unsecured ones in the event of insolvency. According to a survey by the Society of Practitioners of Insolvency, about 75% unsecured creditor received nothing after asset distribution. Suggested from the definition of insolvency, which is a situation that a company loses its ability to pay all of its creditors, priority in insolvency proceedings is very important. Another reason is that a creditor who takes security will have more control on the lent assets as well as insolvency proceedings. The regime in England under the Enterprise Act 2002 allows a floating charge’s holder to appoint an administrator, whose duty is to ensure a certain share of the insolvent company’s assets for the benefit of such holder. This type of â€Å"self-help† remains controversial. It is criticized a lots as such control is too substantial. Last but not least, the taking of security is regarded as useful to reduce the cost of investigation into the debtor’s financial situation. Professor Buckley called such costs the â€Å"screening costs†.According to his arguments, as the borrower has to reveal information to the lender so as to ensure that it is financially able to take the loan, a securely informed creditor will benefit from avoiding more risk in the market. Such information, in insolvency proceedings, will aid in determining the debtor’s creditworthiness and anticipated bankruptcy value. Sub-conclusion: To sum up, security plays a significant role in financial activities of companies. It gives both the borrowers and the lenders benefits which are crucial in their transactions’ decisions. However, from the perspectives of a unsecured creditor, the ability of taking security by some creditors results in their higher possibility of receiving nothing in return in the event of insolvency. This essay will discuss such misallocation of resources to the unsecured creditors and examine the reform proposal to solve these problems in 2 main parts respectively. At the end, a conclusion will be drawn that although security causes troubles to non-consensual creditors, any reform needs to be taken with a lot of considerations on the method and in the system as a whole. B. Problems caused by security 1. Problems of misallocating resources Lynn LoPucki, in his analysis, has demonstrated that most unsecured creditors are given such status against their will and awareness. Therefore, it is unfair when they are given even less than what they can gain because of the security’s usage. By taking securities, the secured creditors, with all the control and benefits as examined above, may take a substantial part of the debtor’s assets. The unsecured creditors, who usually outnumber the secured ones but only receive a much smaller part of the insolvent’s resources. Although the basic principle of insolvency law is â€Å"equality of misery†, many people are forced to be more miserable than others. In order to detect a solution for this matter, this part is illustrated in 2 smaller parts, the first deals with the classification of unsecured creditors and the second discusses the problem in allocating the debtor’s resources. a. Types of unsecured creditors There are three types of unsecured creditors, depending on their reaction to such status: uninformed creditors, voluntary creditors and involuntary creditors. Each category is suffered different problems caused by security to their group. i.Uninformed Creditors Uninformed creditors are those who accept the status of unsecured creditors despite their acknowledge of the debtor’s situation because they do not properly estimate the risk they are about to take. These creditors are similar to voluntary creditor because they know the situation before making their decision of invest into such debtors. But they are also similar to involuntary creditors because if they had known the â€Å"true state of the law and the debtor’s finances when they made the fatal decision to extend credit (or not to withdraw from an extension already made), [they] would have decided differently.†Their consent, therefore, is not meaningful due to the lack of true understanding of what they are consent to. The example for this type is trade creditors who are so â€Å"uninformed that they systematically undercharge for the extension of credit† ii. Voluntary Creditors Examples of voluntary creditors are employees and customers. Employees: In case employees’ wages are not paid, they become creditors of their employer. The missing of payment by an employer serves as the most alarming precaution of its financial situation to the employees. However, as stated by Buckley, â€Å"claims for unpaid wages are not substantial in most bankruptcies [†¦] because few employers are willing to risk work stoppages by gambling with unpaid wages.† Customers: Customers are also classified as voluntary creditors of a retailer in case they have warranty claims. In certain cases, the prices they are willing to pay may reflect their ability to foresee the default. Therefore, customers become creditors only if they have proper reaction to such foreseen possibility. iii. Involuntary Creditors It is estimated in a study by Sullivan, Warren, and Westbrook that 23% of unsecured creditors filling bankruptcy under Chapter 7 and 13 of the Bankruptcy Code was involuntary creditors. This category includes governmental claimants (tax agencies, pension agencies), tort victims, environmental agencies, utility companies. We will now examine the first two examples of this type. Governmental claims: A company has many governmental responsibilities. This is shown by its duty in many tax related activities ranging from corporate taxes to employees’ income taxes. Moreover, it may have to be involved in some social security program. Thus, in the event of insolvency, it may become debtors of several state entities. And in common cases, the governmental claims will not consent to be under the status of creditors because it is likely that they will gain nothing due to the unsecured characteristic of debts the company owed to them. Tort claims: Tort victims are regarded to be the most typical kind of involuntary creditors. As indicated by a study of Manville Corporation cases, the company’s book value when it filed for insolvency was only $1.2 billion book value, while its tort liability was $1.9 billion is in asbestos-related claims. It is common that tort claimants do not agree with their unsecured creditor status. In many cases, they even do not agree to be creditor if it is not because of wrongful acts by the debtor violating their rights and benefits. Such wrongful acts may ranging from harmful business acts (negligence, interference,†¦) to infringement of intellectual property rights However, the insolvency law has not treated them with sufficient priority over other creditors (especially secured creditors). b. Problems In the context of this essay, we will discuss the influences of consent-based theory in examining the problems of involuntary and uninformed creditors. It may be argued that to identify the direct consequences of the lack of consent of a creditor when involving in a company’s business is not always easy. Brian Mccall has illustrated an example where a supplier sell inventory on credit to a buyer. The buyer then sells the inventory and uses the proceeds to pay a bill instead of paying the supplierAs a result, the supplier becomes an non-consensual creditors as resources are misallocated without his consent. Mccal concluded that this can happen because the supplier does not have the general right to consent to every action of the buyer that has an effect on him. However, that problem should not preclude the idea of fairness and sympathy for unsecured creditors, which is basis for the argument of consent-based theory. The theory provides that it is a violation in taking away the right to payment of creditors who are not consent to such status. By granting security for some creditors, a debtor affects the shares in the asset pool of other involuntary and uninformed creditors. Followers of this theory emphasized that there should not be any distinction between secured and unsecured creditors because both types are entitled to receive their and only their proportional distributions of their respective debts Any priority to one group will result in an â€Å"unjust† distribution to the other. We will now analysis the problems resulted by security which are challenging unsecured creditors. i. Involuntary creditors In his work, Lynn LoPucki has explained why security is used despite the fact that a major of creditors does not agree with it. The relationship, after using security, between the debtor, the secured creditors and the unsecured ones is indicated as a contract where the first two agree with each other that the last will gain nothing. Therefore, security is widely used because of two parallel stimulations: no one wants to be in the situation of an unsecured creditor whose value in the debtor’s asset is contracted to expropriate for others; and, a debtor also wants to take benefits from â€Å"selling secured status to its voluntary creditors†. This problem threatens the right to payment of tort victims most. They clearly do not give their consent to the unsecured creditor status as well as the granting of security for other creditors. However, instead of giving them some priority as usual in tort judgement, the introduction of security to insolvency proceedings reduce their chance of receiving exposure to the debtor’s tort liability. This issue is originated from an argument that the consent of the unsecured creditor – the third party, on the contract – the granted security, between the debtor and the secured creditors, is â€Å"implied†. Such argument, according to Lopucki, is â€Å"not likely to save the institution of security†. It is also argued that it is a principle in economic theory that tort victims should be fully compensated. In regulating the issue of security, legislators who allow its use may not necessarily decide that by granting security, a company can limit or eliminate the exposure to tort liability. Where a company can give full compensation to its tort victims, it should do so â€Å"to the full extent of their wealth†. ii. Uninformed creditors Sympathy should also be given to creditors who do not really understand the meaning and consequence of their consent when voluntarily entering in insolvency proceedings. It is not a â€Å"meaningful consent† because they would not agree with their status and extend credit if they are well-informed to proper estimate the risk of debtor’s business. It may be reasoned that the system should not be changed for the benefit of uninformed creditors because they are responsible for their own decision. Also, some security-supporter may consider that the harm caused to uninformed creditors is â€Å"slight†. However, it is not unreasonable that a substantial number of creditors do not really know what trouble they are falling into due to the complexity of the insolvency regime. Taking Art. 9 of the UCC, which govern insolvency matter in American system, as an example, Lynn LoPucki regards it as â€Å"highly complex, unintuitive, and notoriously deceptive†. Many creditors are small business. Thus, they have to struggle in understanding the principles provided under Art. 9 because they may not afford qualified lawyers. Moreover, this Article is clearly in favor of creditors who are secured and have full knowledge in respect of the company’s financial situation. It becomes easier for them to win in the filing â€Å"race† of insolvency proceedings in spite of the fact that in certain cases, their loans are not justified; or even despite a founded principle to protect legitimate expectations of other creditors. For the purpose of further analysis, uninformed creditors are grouped with involuntary creditors to be referred to as non-consensual creditors. 2. The efficiency of secured credit According to Steven Schwarcz, there are two types of efficiency of secured credit. The first one is where the taking of security ensures the benefit of both secured and unsecured creditors by increase the debtor’s value to cover both types of debt. The second one focus on the harm to unsecured creditors, which is acceptable if it â€Å"does not exceed the benefit to the debtor and the secured creditor†. However, it is unlikely that secured credit can achieve either types of efficiency. The debate over whether secured credit is efficient is triggered by an article by Professors Jackson and Kronman, in which they argued that it is so. Subsequently, many scholars approved this argument by indicating the economic benefits of secured credit such as lowering screening costs or giving more control and benefits to secured creditors. These are the purpose of taking secured status in transactions, which has been analysed in details above (section A(2)). In contrast, David Carlson casted doubts on the efficiency of secured credit because â€Å"secured lending is not necessarily inconsistent with economic efficiency, though whether any given security interest is efficient is highly contingent and probably unknowable.† Brian Mccall further emphasized on the fact that even if the proof of economic efficiency can be established, it â€Å"merely tells us one of the effects of a given course of action it does not tell us normatively if such a thing should be done.† By demonstrating the nature of security under the regime provide by Art. 9 in the UCC, Lynn LoPucki also proved that security is not efficient. The main reason given to establish such conclusion is that the features of security are not always present. There are three features which the author referred to as â€Å"priority, encumbrance and remedy†. Each of those may exist in one type of security but not others; and some arrangements which include an above feature may not be regarded as â€Å"security†. Thus, it is difficult to ensure the â€Å"efficiency† of all secured credits granted. Sub-conslusion: Not all creditors are granted their unsecured status in the same circumstances. Depending on the reasons which results in their involvement in the debtor’s business, there are three different types: uninformed creditors, voluntary creditors and involuntary creditors. Among these three, uninformed creditors and involuntary creditors are the most vulnerable by the effects of secured credit. Generally, the lack of their consent may be regarded as a detriment to the right and the legitimate expectation for payment of these creditors. In addition, it is established that the use of secured credit may not always be efficient and granting security for creditors may not always be the best solution for the economy. Therefore, these problems of security should be solved by a reform of nonconsensual creditors’ treatment. C.Proposals of reform As analyzed above, only a smaller proportion of creditors in insolvency proceedings may be benefited in the use of security, and their benefits are originated from the detriment of a major number of non-consensual creditors. Besides, the using of secured credit is not always effective. The question is now raised that whether there are any persuasive proposals of reform. In considering the position of non-consensual creditors in secured credit, there are three alternatives: (1) leaving the situation as it is now; (2) ensuring the payment to unsecured creditors by mandatory insurance; or (3) giving priority for nonconsensual creditors over the secured creditors As leaving the situation as it is now (alternative 1) is considered as ineffective above, we will only examination two later proposals. 1. Ensuring the payment through insurance This alternatives may be used to achieve the first type of efficiency mentioned above – the debtor can ensure the payment for all creditors, regardless of their status as secured or unsecured despite its situation of insolvency. It is suggested by LoPucki that mandatory insurance should be taken by a company which may incur liability over involuntary creditors, especially tort claimants. By doing so, such company make it possible for their involuntary creditors to fully recover from the insurer instead of pursuing for payment from the debtors. Concurrently, the first position of secured creditors in insolvency proceedings is not arguable. 2. Non-consensual Creditors are given Priority over Secured Creditors Professor Paul Shupack has argued that if non-consensual creditors are given priority over secured creditors, no loss will be caused to the secured creditors because they may be fully compensated for the conditional risk by conditioning their loans on the debtor’s payment of a premium. To reach the same conclusion with Professor Paul Shupack, LoPucki put the relationship among debtors, secured and unsecured creditors in an assumption that a debtor has two creditors, one unsecured (nonconsensual) and one secured, and that in case of being insolvent, he can only to pay one of them. The aggregate loss to the economy is calculated in two alternative models: where the secured creditor has priority over the unsecured; and where the unsecured creditor has priority over the secured. In the first model, there is no other choice for the nonconsensual creditor but to extend his credit in a hope to receive some payment. Concurrently, the secured one will also extend his credit because he will be repaid. Priority is given to the later. Therefore, the unsecured will receive nothing. It may be concluded that â€Å"except to the extent, if any, that the debtor derived benefit from inflicting loss on the [nonconsensual] creditor, [that] creditor’s loss would be an aggregate loss to the economy†. In contrast, if nonconsensual creditors have priority as in the second model, the loss to the economy is claimed to be zero.LoPucki argued that because in this case, the secured creditor knowing that priority is granted to the other, will not extend credit beyond the debtor’s ability to pay. Accordingly, the nonconsensual creditor will receive expected payment and there will be no loss to the economy. If the above analysis is correct, giving priority to the unsecured instead of the secured creditor will be the most effective way to reduce the summative loss to the economy and resolve the problems of misallocating resources as well as inefficient secured credit. However, it is not easy for a regime which has been considered to operate smoothly for long to accept any kind of change. Consequently, the above proposals have been subsequently criticized. 3. Are these proposals persuasive? First of all, regarding the proposal of using insurance, LoPucki himself realized the disadvantages of applying this solution. Firstly, it is a phenomenon that a company may be more likely to commit wrongful acts if such acts’ consequences have been insured. The acts may be committed intentionally or unintentionally, but the counter-productive result is that the company will be less alert to avoid them. Consequently, insurance in this case may bring more bad than good things, to the company, any potential tort victims and the society as a whole. Moreover, insurance will left over a large number of uninformed creditors, who are in most cases also non-consensual but can be benefit from the debtor’s mandatory insurance policies. Concerning LoPucki’s best solution that is to give non-consensual creditors priority over secured creditors, it becomes a controversial topic where everyone expresses their own view on the relationship between security and insolvency, law and economic regulations. Professor Block-Lieb, in her reply to LoPucki’s argument, even concluded that â€Å"his reformulation of the unsecured creditor’s bargain is insufficient justification for drastic alterations to the law of secured transactions.† Professor White, in considering the proposal, questioned whether â€Å"Article 9 [of the UCC] is the place to deal with them†. Firstly, he argued that governmental agencies would not need priority over secured creditors because they can use tax liens for themselves. Concerning tort claims, White’s arguments are based on elevating the status of claimants if amending Art. 9 He suggested that â€Å"significant subordination of perfected security interest will drive secured creditors to look for security devices that are more wasteful but more effective (for them)†. In addition, there may be a distinction between claims for pain or suffering and claims for economic injury (libel, fraud, negligence victims). Thus, it is difficult to identify which claims should be granted priority or not. Besides, â€Å"if the Bankruptcy Code grants priority to the tort claimants, it can give them superiority over not only personal property secured claimants but also over other lien holders and real property mortgagees[, but] Art. 9 cannot reach real estate mortgagees and only with awkward expansion could it possibly reach and grant priority over other liens in the law of every state. At best, modification of Article 9 would be only a half measure because it deals neither with claims secured by real estate nor with claims of nonconsensual lienors.† Sub-conclusion: It is submitted that there seems to be an agreement on the inefficiency of secured credit which requires many consideration for reforming. However, the reform of only a particular regime as Art. 9 in the case of the UCC is not the best solution. Security has been used for quite a long time. Its development has been so closely connected with other aspects of regulating rights and benefit of many economic factors. Therefore, a change of regime under Art. 9 alone cannot be expected to be effective. D.Conclusion Bibliography Legislations The Enterprise Act 2002 – the United Kingdom The Uniform Commercial Code – The United Stated Books Gerard McCormack, Secured Credit under English and American Law, Cambridge University Press, 2004 Royston Miles Goode, Legal problems of credit and security, Sweet Maxwell, 2003, 4th Ed. Journals Alan Schwartz, Security Interests and Bankruptcy Priorities: A Review of Current Theories, 10 J. Legal Stud. 1 (1981) Brian M. Mccall, â€Å"It’s just secured credit! The natural law case in defense of some forms of secured credit†, 43(1) Indiana Law Review, (2009) David Gray Carlson, On the Efficiency of Secured Lending, 80 VA. L. REV. 2179 (1994) Elizabeth Warren, Making Policy with Imperfect Information: The Article 9 Full Priority Debates, 82 Cornell L. Rev. (1997), 1389 F.H. Buckley, The bankruptcy priority puzzle, 72 Va. L. Rev. 1421 (1986) James J. White, â€Å"Work and play in revising article 9†, 80 Va. L. Rev. (1994), 2096 Lynn M. LoPucki, â€Å"The unsecured creditor’s bargain†, 80 Va. L. Rev. (1994), 1907 Paul M. Shupack, Solving the Puzzle of Secured Transactions, 41 Rutgers L. Rev. (1989) 1067 Steven L. Schwarcz, â€Å"The easy case for the priority of secured claims in bankruptcy†, 47 Duke L.J. (1997-98), 480 Susan Block-Lieb, The Unsecured Creditor’s Bargain: A Reply, 80. Va. L. Rev. (1994), 1989 Thomas H. Jackson Anthony T. Kronman, Secured Financing and Priorities Among Creditors, 88 YALE L.J. (1979), 1143 Other documents Eighth Survey of Company Insolvency by Society of Practitioners of Insolvency (1997-8). Statistics from Teresa A. Sullivan, Elizabeth Warren Jay L. Westbrook, â€Å"As We Forgive Our Debtors† 18, 294 (1989) How to cite Insolvency in anglo american law, Essay examples

Bankruptcy in the United States and Victor free essay sample

Be aware as you read the novel that point of view changes several times. Who tells the story first? Walton How? Letters written to his sister To whom? His sister Then who tells the story next? Victor To whom? Walton Then who tells the story? (Chapters 11-16) The monster To whom? Letters 1-4 1. 1. Who is Robert Walton? Describe him in detail. Lived a life of ease and luxury. Self educated. 28 years old What is he planning? wants to explore north pole For how long has he planned? Life long dream. How has he planned? Bought boat. , crewman How is he revealed? Determined, Courages 2. Who is Margaret? Describe in detail. In a sense, who becomes Margaret? )   walton’s sister, a caring kind person, gentle, The reader becomes Margaret. 3. In Letter 1, what reasons does Walton offer for making his voyage? (At first and later) a. he wants to satisfy himself by going where no man has gone before It is his lifelong dream b. he wants to fulfill a great purpose in his life. He wants excitement and challenge. 4. At the beginning of Letter 2, of what is Walton in need? He needs a friend. Someone to share his joy and be there when he is down, someone to relate to, to sympathize with. 5. Who fills this need? Margret? 6. How do the sailors act on the ship? Brutal just workers 7. Walton’s statement â€Å"I certainly shall find no friend on the wide ocean† hints at what? That its going to be a lonely voyage 8. What traits does the lieutenant on Walton’s ship possess? courage and enterprise, glory to progress his career, gentleness and the mildness, integrity and dauntless courage 9. What kind of man is the master of Walton’s ship? person of an excellent disposition, courages. Gentle mild. Noble. 10. What route does Walton plan to take on his voyage? He will go to unexplored regions, to â€Å"the land of mist and snow,† traversed immense seas, and returned by the most southern cape of Africa or America 11. What attitude does Walton reveal to his sister in Letter 3? He has an optimistic attitude yet dubious 12. What does the stranger ask Walton in Letter 4? He asks where the ship was heading 13. What do these words say about the stranger’s will? A will of iron. 14. How does Walton describe the stranger? wretched a condition, nearly frozen, emaciated, silent and appears uneasy, manners are so conciliating and gentle, constant and deep grief, so gentle, yet so wise; his mind is so cultivated, his words are culled with the choicest art, they flow with rapidity and unparalleled eloquence 15. What news of Walton’s arouses the stranger’s interest? They say another traveling on sled. 16. What is the stranger’s reaction when Walton says that he will allow nothing to interfere with his journey of exploration? He became gloomy and started crying â€Å"Unhappy man! Do you share my madness? Have you drunk also of the intoxicating draught? Hear me; let me reveal my tale, and you will dash the cup from your lips! † 17. What does the stranger propose to do for Walton? He will tell his tale that will prevent him from making the same mistake 18. Why does the stranger feel the polar region is an appropriate setting for the telling of his tale? The wild and mysterious trait of his tale matches the wild and mysterious region, which would make his tale more believable 19. Of what is the reader forewarned? Prepare to hear of occurrences which are usually deemed marvelous, unbelievable 20. What is Walton’s Plan? He will make notes of his story 21. To what is the stranger compared at the close of the journal entry of August 19? gallant vessel Chapter 1 1. How does the stranger describe his parents’ character traits? My mother’s tender caresses and my father’s smile of benevolent pleasure, very kind 2. Why do you think Shelley waits until this point to reveal the stranger’s first name? Because this is his story 3. What do Victor’s parents give him as a gift? Elizabeth 4. How does Victor say he felt about Elizabeth? his special duty to love and protect her since she was his, and his only 5. What foreshadowing is seen in the last sentence of Chapter 1? She would die an unnatural death Chapter 2 1. How do Elizabeth and Victor differ as children? Victor deeply smitten with the thirst for knowledge delighted in investigating their causes Elizabeth was of a calmer and more concentrated disposition; contemplated with a serious and satisfied spirit the magnificent appearances of things 2. Who is Henry Clerval? One of Victor best childhood friends 3. What are his interests and goals? loved enterprise, hardship, and even danger for its own sake. He was a writer of romance . wrote plays about heroes. He tried to make us act plays and to enter into masquerades, in which the characters were drawn from the heroes of Roncesvalles, of the Round Table of King Arthur, and the chivalrous train who shed their blood to redeem the holy sepulchre from the hands of the infidels. 4. Whose works does Victor pursue in his reading and studies? Why? Cornelius Agrippa, he liked his theories and facts 5. Why does his father disapprove? He says that his works is old out of date, imaginary 6. What effect does a violent thunderstorm have on Victor when he is fifteen? He finds out that his old favorites Cornelius Agrippa, Albertus Magnus, and Paracelsus were set aside by the new theories and of study appertaining to that science as being built upon secure foundations, 7. At this point in the novel, we realize friendship is very important to Victor. With what three people do we see this fact? Walton, Elizabeth, Henry 8. What foreshadowing occurs in the last sentence of Chapter 2? Destiny would bring down Victor to destruction Chapter 3 1. What happens to Elizabeth before Victor leaves for college? She gets scarlet fever 2. What is Victor’s first exposure to death? How does he cope? Death of his mother, he was sad but he knew he must continue on with life 3. What is Victor’s mother’s final request? That Victor and Elizabeth marry 4. What further saddens Victor before he departs? Henry couldn’t come 5. Why does Victor’s father want his son to study at the University of Ingolstadt? He thinks Victor would be better off studying abroad to experience other customs than those of my native country. To complete his education 6. What realization comes over Victor as soon as he leaves his home? Hes lonely 7. Which professor does Victor like the most? Why? M. Waldman, he did not demoralize Victor from studing those guys he studied 8. What foreshadowing occurs at the end of this chapter? His pursuit it this subject of science would shape his destiny Chapter 4 1. What discovery does Victor make while at the University? He learns how to animate dead matter 2. How does Walton react to news of Victor’s discovery? He wants to know what the secret is 3. How does Victor respond to Walton? He tells Walton that he cannot tell the secret . What warning does Victor give Walton about the discovery? says its better that way which he will explain. That acquiring knowledge is dangerous 5. What drives Victor on to the creation of a being like himself? He wants to create a life as complete and wonderful as man. He was encouraged that his present attempts would lay the foundations of future success 6. In Victor’s p ursuit of creating his monster, how does he treat his family? Ignores them? 7. How does he treat his fellow students? He shunned them 8. What details is the reader given on the construction of the creature? Its going to be big in proportion about 8 feet high 9. What words in the last paragraph express a warning of what’s to come? That he is almost done with his creation, most interesting part of his tale is coming. 10. In creating life, what has Victor actually done? Chapter 5 1. Describe the setting on the night the creature comes to life. Very dim. Raining 2. What mood is created by this setting? Horror 3. Describe the creature in detail. Dull yellow eye, black lips, black hair, artery and muscles covered by yellow skin, pearly white teeth, watery eyes 4. What is Victor’s reaction to his creation? Why? His dream vanished. breathless horror and disgust filled my heart. He had created a monster 5. What does Victor do when he realizes what he has done? 6. What happens when Victor tries to sleep? 7. What happens when Victor awakens? 8. At this point in the story, which character do we feel sorry for—Victor or the creature? Explain. 9. What does Victor do when morning dawns? 10. Whom does he meet? 11. Why has Henry Clerval’s father allowed him to go to Ingolstadt? 12. What news does Clerval bring to Victor? 13. How does Henry’s character offset Victor’s character at this point in the story? 14. Why does Victor dread returning to his apartment? 15. To what does Henry attribute Victor’s mutterings at breakfast? 16. What does this foreshadow? 17. What does Henry do during Victor’s illness? 18. As Victor is recovering, he receives a letter from whom? Chapter 6 1. What does the letter do to Victor? 2. What new character is introduced in the letter? 3. What is coincidental about how Justine becomes a member of the Frankenstein family? 4. Why does Victor desert his study of science? 5. What study does he pursue? Why? 6. What is Victor’s mood after his tour of Ingolstadt with Henry? 7. Why does Victor praise Henry? 8. How does Victor’s mood and his praise of Henry build suspense at the end of Chapter 6? Chapter 7 1. What bad news awaits Victor in his father’s letter? 2. Why does Elizabeth blame herself for the tragedy? 3. Why does Victor come to believe his monster is responsible? 4. Who is being held? 5. How does the family feel about the accusation? 6. Why is Justine accused of the crime? 7. Lightning is responsible for three major events in the novel so far. What are they? Chapter 8 1. How does Victor react to Justine’s trial? 2. What does this show about Victor’s character? 3. What is the result of the trial and what happens to Justine? . Why does Victor accompany Elizabeth to Justine’s prison cell? 5. Why does Justine confess? 6. What warnings for the future does Victor give after Justine’s fate? Chapter 9 1. What thoughts does Victor have about this monster as Chapter 9 begins? 2. What does Elizabeth say that upsets Victor? Why does it upset him? 3. What does he think about now? 4. Why does Victor leave home? Where does he go? 5. How does the trip affect his spirits? Chapter 10 1. Why does Victor decide to climb the glacier Montanvert? 2. How does Victor describe the monster’s approach on Montanvert? 3. How does Victor address the monster? 4. Where do the two of them go? Why? 5. Why does Victor agree to listen to the monster? 6. 6. What impression does the monster give in this scene? Chapter 11 1. What are the monster’s first memories? Be specific. (sensations, difficult things, etc. ) 2. Where does he hide? What are the advantages of the monster’s hiding place? 3. How does the monster say he learned to live in the world? 4. What happens when the monster enters the village? 5. What is the cause of the family’s unhappiness? 6. What relationship is the young couple? Chapter 12 1. Why does the monster decide to keep himself hidden from the peasants’ in the cottage? . How does the monster show his capacity to care for others? 3. What kind of knowledge does the monster gain from the cottagers? 4. Why is he eager to have this knowledge? 5. What is the boy’s name? What is the girl’s name? 6. Why is the monster horrified when he sees his own reflection in a pond? Chapter 13 1. Who is Safi e? 2. How does Safie’s arrival benefit the monster’s education? 3. How and what does the monster learn about the human race? 4. How do the monster’s emotions change as he gains more knowledge? Chapter 14 1. Why do you think Mary Shelley doesn’t mention the name of the old man sooner? Chapter 15 1. What is the significance of the papers the monster finds in his clothing? 2. What plan does the monster make? 3. What happens when the monster reveals himself to De Lacey? 4. What happens when the others return? Chapter 16 1. What happens to the De Laceys? 2. Why does the monster set fire to the cottage? 3. Where does the monster decide to go after burning the cottage? 4. What happens on the monster’s journey that further hardens his heart against humans? 5. What happens when the monster reaches Geneva? Be specific. 6. Is the monster still a sympathetic character at this point? Explain. 7. What does the monster demand in the last sentence of this chapter? Chapter 17 1. Who begins telling the story now that the monster has finished the story? 2. How does Victor first react to the monster’s demand? 3. How does the monster reason with Victor? 4. What is Frankenstein’s decision to the monster’s demand? 5. To what oath does Victor ask the monster to swear? 6. Does the monster agree? 7. What warning does the monster give to Frankenstein at the end of the chapter? Chapter 18 1. What are Victor’s feelings when he returns to Geneva? 2. Why does Victor want to journey to England? 3. What does Victor’s father want him to do? Why? 4. What is Victor’s reply? 5. Why is the trip to England particularly pleasant? Chapter 19 1. Why doesn’t Victor like to be around other people in London? 2. Why do Henry and Victor decide to leave London? 3. Why does Victor settle on the Orkney Islands as the place where he will work? 4. What is his task? What feelings does he have about the task? Chapter 20 1. 1. As Victor is thinking about the horrible consequences of making a second monster, he looks at his window in the hut and sees what? 2. Why does Victor destroy his second creation? 3. How does the monster react to this destruction? 4. 4. What line is foreshadowing by the monster to Victor after the monster confronts Victor in his hut and this line stays with Victor after he fails to attack the monster? 5. What does it mean? 6. How does Victor dispose of the remains of his second creation? 7. What happens when Victor returns to shore? Chapter 21 1. Who has been murdered and how was he murdered? 2. What happens to Victor when he finds out who was murdered? 3. What does he say that sounds like a confession? 4. Who is Mr. Kirwin, and how does he treat Victor? 5. What is Victor’s reaction when he is told that a friend has come to visit him in prison? . Who is the visitor? 7. What has Mr. Kirwin done to help Victor at the grand jury inquiry? 8. What is the outcome of the grand jury inquiry? 9. Where does Victor’s father now take him? 10. How does Victor describe himself on the journey? Chapter 22 1. What confession does Victor make to his father? 2. What is his father’s reaction? 3. From whom does Vict or get a letter? What is asked in the letter? 4. What is offered to Victor in the letter? Why? 5. 5. What does Victor assume the monster plans for Elizabeth’s and Victor’s wedding night? 6. What does Victor promise to tell Elizabeth on the day after their wedding? . Where do Victor and Elizabeth plan to spend their honeymoon? 8. What do we find out about Elizabeth in this chapter? Chapter 23 1. How does Elizabeth die? 2. Where does Victor see the monster? 3. What does the creature do when Victor spies him? 4. What further grief greets Victor in Geneva? 5. What does Victor tell the magistrate? 6. What is the outcome of their conversation? Chapter 24 1. What happens when Victor visits the graves of his father, William, and Elizabeth? 2. How does the monster encourage Victor during his chase? 3. How is Victor able to justify to himself his early treatment of the monster? 4. Before he dies, what final advice does Victor offer Walton? 5. What does this show about Victor’s character? 6. When does Walton meet the monster? 7. Why does the monster suffer over Victor’s death? 8. How does the monster plan to end his life? Walton in Continuation 1. What do you think is meant by the phrase â€Å"Walton, in continuation†? 2. What does Victor do when he realizes Walton has written down his story? 3. What does the crew ask Walton? 4. How does Frankenstein respond to Walton’s answer? 5. What one word does Victor say prompted him to create the monster? 6. How does the monster at last depart? guilty irrisponsible