Debt - Page 5 - Law Dictionary

Privileged debts

Privileged debts, debts which an executor may pay in preference to all others, such as funeral expenses, etc. and see PREFERENTIAL PAY-MENTS....

Record, Debts of, those which appear to be due by the evidence of a Court of record, such as a judgment, recognizance, etc. Since 1st January, 1870, all specialty and simple contract debts of deceased persons stand in equal degree in the administration of the estate of any one deceased. [Administration of Estates Act, 1869 (32 & 33 Vict. c. 46]...

Regimental Debts Act, 1893

Regimental Debts Act, 1893 (English) (56 & 57 Vict. c. 5), and the regulations made thereunder, provide for the payment of certain debts of a deceased person who was subject to military law out of the proceeds of his property in camp, etc., which property is to be seized by the committee of adjustment (q.v.)....

Retainer of debts

Retainer of debts. An executor or administrator (not being a creditor-administrator, who is now precluded from retaining by the form of the administration bond) has a legal right to retain his own debt out of the legal or equitable [(English) Administration of Estates Act, 1925, s. 34 (2)] assets in priority to all other creditors of equal degree, and before the costs of all parties, including the plaintiff (see EXECUTOR). The right is not affected by a judgment for administration [Re Barrett, (1889) 43 Ch D 70], nor by payment in to Court, Richmond v. White, (1879) 12 Ch D 361; but it cannot be exercised by a bankrupt administrator, Wilson v. Wilson, (1911) 1 KB 327. Since the (English) Administration of Estates Act, 1869, the right may be exercised against specialty as well as simple contract creditors [Re Hariss, (1914) 2 Ch 395]. Consult Williams or Ingpen on Executors; Seton on Judgments, 7th Edn., p. 1466....

consumer debts

consumer debts Debts incurred for personal (as opposed to business) needs. Source: Administrative Office of the U.S. Courts ...

debt financing

debt financing The use of borrowed money to finance a business ...

Secta qu' scripto nititur a scripto variari non debt

Secta qu' scripto nititur a scripto variari non debt, Jenk. Cent. 65, (A suit which is based upon a writing ought not to vary fro the writing.)...

bad debt recovery

bad debt recovery An account that you "wrote-off" as not collectable, but that was later paid by the customer. When this happens, you must adjust your accounts. Your company's adjusting entries would look something like this: A debit to accounts receivable in the amount of $500 and a credit to allowance for bad debts in the amount of $500; and a debit to cash in the amount of $500 and a credit to accounts receivable in the amount of $500. ...

consumer debt

consumer debt ...

debt adjustment

debt adjustment : the arrangements made for the repayment or satisfaction of debts in an amount or manner that differs from the original arrangements esp. in accordance with a bankruptcy plan under chapter 13 of the Bankruptcy Code ...

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