Debtor S Estate - Law Dictionary Search Results
Home Dictionary Name: debtor s estatedebtor's estate
debtor's estate : bankruptcy estate at estate ...
earmarking doctrine
earmarking doctrine [probably so called because the loan has been earmarked, i.e., specifically designated, by the debtor to pay a specific creditor] : a doctrine in bankruptcy law: a loan made by a third person to a debtor to enable the debtor to pay off a specified creditor cannot be avoided by the trustee as a preference since the debtor never actually had control of the funds and the transfer does not diminish the debtor's estate ...
Tail
Tail [fr. tailler, Fr., to prune]. An estate-tail was formerly a freehold of inheritance and is now an equitable interest which may be created after 1925 in respect of personalty as well as realty by way of trust and which (if not barred or disposed of by will after 1925) will devolve inequity on the person who would have taken realty as heir of the body or as tenant by the curtesy if the Law of Property Act, 1925, had not been passed [s. 130 (4) (ibid.)]The limitation of an estate so that it can be inherited only by the fee owner's issue or class of issue, Black's Law dictionary 7th Edn., p. 1466.An estate-tail in land now constitutes a settlement. [(English) Settled Land Act, 1925, s. 1]With this and other statutory modifications under the (English) Law of Property Act, 1925, the rules relating to this form of estate are still applicable (a) in the investigation of all titles to land in existence on the 31st December, 1925; (b) in the construction of equitable interests into which th...
Receiving order
Receiving order. An order of the court on the petition of a creditor, or of the debtor himself, granted for the protection of the estate on an act of bankruptcy being established. The order con-stitutes the official receiver the receiver of the debtor's property. Legal proceedings against the person or property of the debtor in respect of debts provable in bankruptcy can thenceforth be restrained by the official receiver. The effect of the order is that unless a scheme or composition is accepted by the creditors the debtor is adjudged bankrupt. See (English) Bankruptcy Act, 1914, ss. 3, 7, 37 (2), 107(4), and (English) Bankruptcy Rules, 1915, rr. 179-188A. Receiving orders in bankruptcy, whether or not known to affect land, must be registered at the Land Registry every five years or else the title of the trustee in bankruptcy will be void against a purchaser of a legal estate in good faith for money or money's worth without notice of an available act of bankruptcy under a conveyance ma...
informal proof of claim
informal proof of claim :a writing by a creditor that contains a demand for payment of a debt and an intention to hold the debtor's bankruptcy estate liable but that is not in the form prescribed in the Bankruptcy Code for proofs of claim NOTE: If an informal proof of claim is filed with the bankruptcy court within the time allowed for filing proofs of claim, the court may allow the creditor to file a proof of claim in its correct form and consider it as having been filed on the date that the informal proof of claim was filed. ...
Insolvency
Insolvency, the state of one who has not property sufficient for the full payment of his debts. An insolvent, as distinguished from a bankrupt, was an insolvent who was not a trader: for until the passing of the (English) Bankruptcy Act, 1861, only a trader could be made bankrupt in the sense of obtaining an absolute discharge from his debts, while the future estate of an insolvent remained liable for his debts even after his discharge. The Acts from time to time in operation for the relief of insolvent debtors were 53 Geo. 3, c. 102; 1 & 2Vict. c. 110, ss. 23-120, 5 & 6 Vict. c. 122; 7 & 8 Vict. c. 96; 8 & 9 Vict. c. 127; 10 & 11 Vict. c. 102; and the (English) Bankruptcy Act, 1861 (24 & 25 Vict. c. 134), s. 230. By the (English) Bankruptcy Repeal and Insolvent Court Act, 1869 (32 & 33 Vict. c. 83), all the enactments on this subject theretofore existing were repealed, and provision was made for winding up and terminating all mattes pending under the Acts for the relief of insolvent d...
property
property pl: -ties [Anglo-French propreté proprieté, from Latin proprietat- proprietas, from proprius own, particular] 1 : something (as an interest, money, or land) that is owned or possessed see also asset, estate, interest, possession abandoned property : property to which the owner has relinquished all rights NOTE: When property is abandoned, the owner gives up the reasonable expectation of privacy concerning it. The finder of abandoned property is entitled to keep it, and a police officer may take possession of abandoned property as evidence without violating the Fourth Amendment to the U.S. Constitution. after-acquired property 1 : property (as proceeds) that a debtor acquires after the commencement of a bankruptcy case and that is usually considered part of the bankruptcy estate 2 : property acquired after the perfection of a lien or security interest ;esp : such property acquired after the creation of a lien or security interest that is subject to the lien or...
property of the estate
property of the estate All legal or equitable interests of the debtor in property as of the commencement of the case. Source: Administrative Office of the U.S. Courts ...
exemption
exemption 1 : the act of exempting or state of being exempt 2 : one that exempts or is exempted: as a : an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also Internal Revenue Code in the Important Laws section compare deduction, exclusion, tax credit de·pen·den·cy exemption [də-pen-dən-sē-] : an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) NOTE: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. per·son·al exemption : an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b : the right created by federal and state laws to exempt specified types of property from a bankruptcy estate [pre...
statement of intention
statement of intention A declaration made by a chapter 7 debtor concerning plans for dealing with consumer debts that are secured by property of the estate. Source: Administrative Office of the U.S. Courts ...
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