Debtor In Possession - Law Dictionary Search Results
Home Dictionary Name: debtor in possessiondebtor in possession
debtor in possession :a debtor who remains in possession of an estate during chapter 11 or 12 bankruptcy and has the same duties as a trustee in bankruptcy ...
levy
levy pl: lev·ies 1 : an act of levying: as a : the imposition or collection of a tax b : the seizure according to a writ of execution of real or personal property in a judgment debtor's possession to satisfy a judgment debt 2 : an amount levied : tax [providing for a of 3% on income up to $10,000 "D. Q. Posin"] vb lev·ied levy·ing vt 1 : to impose or collect (as a tax or fine) with authority [allow it to stiffer penalties for some safety violations "National Law Journal"] 2 : to enforce or carry into effect (a writ of execution) compare attach, garnish vi : to enforce a writ of execution or attachment ;specif : to make a seizure of real or personal property in a judgment debtor's possession [they might as a last resort on his merchandise "J. J. White and R. S. Summers"] ...
trustee in bankruptcy
trustee in bankruptcy :an officer of the court in whom ownership of a debtor's property is vested for the benefit of the creditors and who administers the property for the purpose of making payments to the creditors according to the priority of their claims: as a : the trustee in a chapter 7 or chapter 11 case who is charged with duties that include collecting the property comprising the bankruptcy estate and reducing it to money for payment of claims b : the trustee in a chapter 12 or chapter 13 case who is charged with duties that include distributing payments made by the debtor in accordance with a confirmed plan called also bankruptcy trustee see also debtor in possession ...
Hypothecation
Hypothecation [fr. hypotheca, Civ. Law, a pledge in which the pledges retained possession of the thing pledged, as distinguished from pignus, where the possession was transferred to the pledge. See Sand. Just; Sith's dict. of Antiq., tit. 'Pignus'], the act of pledging a thing as security for a debt or demand without parting with the possession. There are few cases, if any, in our law where an hypothecation in the strict sense of the Roman Law exists. The nearest approaches, perhaps, are the cases of holders of bottomry bonds, and of seamen to whom wages are due in the merchant service, who have a claim against the ship in rem. But these are rather cases of liens or privileges than strict hypo-thecations. There are also cases where mortgages of chattels are held valid, without any actual possession by the mortgage, but they stand upon very peculiar grounds, and may be deemed exceptions to the general rule.It means a charge in or upon any movable property, existing or future, created by...
garnishment
garnishment : a remedial device used by a creditor to have property of the debtor or money owed to the debtor that is in the possession of a third party attached to pay the debt to the creditor ;specif : attachment of the debtor's wages to satisfy a judgment compare wage assignment at assignment ...
Revendication
Revendication. Upon the sale of goods on credit, by the law of some commercial countries, a right is reserved to the vendor to retake them, or he has a lien upon them for the price, if unpaid: and in other countries he possesses a right of stoppage in transitu (q.v.) only in cases of insolvency of the vendee. The Roman law did not generally consider the transfer of property to be complete by sale and delivery alone without payment or security given for the price, unless the vendor agreed to give a general credit to the purchaser; but it allowed the vendor to reclaim the goods out of the possession of the purchaser, as being still his own property. Quod vendidi (say the Pandects), nobis aliter fit accipienlis, quam si aut pretium nobis solutum sit, aut satis to non datum, vel etiam fidem habuerimus emptori sine ulla satisfactione. The present code of France gives a privilege or right of revendication against the purchaser for the price of goods sold, so long as they remain in possession...
Pledge
The transfer of possession of personal property from a debtor to a creditor as security for a debt or engagement also the contract created between the debtor and creditor by a thing being so delivered or deposited forming a species of bailment also that which is so delivered or deposited something put in pawn...
antichresis
antichresis [New Latin, from Greek, from anti- opposite + chrēsis use, from chrēsthai to use, need] in the civil law of Louisiana : a written pledge and transfer from a debtor to a creditor of possession of immovable property giving the creditor the right to the fruits (as rents) of the property which are to be deducted from the interest or principal of the debt compare pawn ...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
holder
holder 1 : a person that holds: as a : owner [the of a patent] often used in combination [a stockholder] b : one that holds or occupies the property of another by agreement and esp. under a lease 2 a : a person who under the Uniform Commercial Code is in possession of a negotiable instrument that names and is made payable to the possessor or that is payable to bearer b : a person under the U.C.C. in possession of goods named in a document of title if the goods are deliverable to bearer or to the order of the possessor 3 in the civil law of Louisiana : an individual (as a trustee or debtor) or legal or commercial entity that under the Civil Code's provisions for disposition of unclaimed property is in possession of property belonging to another ...
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