General Creditor - Law Dictionary Search Results
preference
otherwise receive (as under a bankruptcy settlement) called also voidable preference compare antecedent debt at debt, fraudulent conveyance general assignment at assignment NOTE: Preferences can be voided by a bankruptcy trustee because they diminish the bankruptcy estate … preference 1 : the right to prior payment of a debt [with over the creditors of the heirs or legatees "Louisiana Civil Code"] 2 : the transfer of an insolvent debtor's interest in
assignment
future interest) that is not valid at law but that would be upheld in a court of equity general assignment : an assignment for the benefit of creditors of all of a debtor's property to be distributed … and leaves the assignor with no interest in the property or right transferred assignment for the benefit of creditors : assignment of property by a debtor to an assignee to be held in trust and used to
Act of Bankruptcy
is an act of bankruptcy:- (a) Having made an assignment of his property in trust for his creditors generally. (b) Having made a fradulent conveyance, gift, delivery, or transfer of his property, or of any part thereof. … debtor is an act of bankruptcy:- (a) Having made an assignment of his property in trust for his creditors generally. (b) Having made a fradulent conveyance, gift, delivery, or transfer of his property, or of any part
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fraudulent conveyance
delaying, or defrauding his or her creditors called also fraudulent transfer compare preference NOTE: A fraudulent conveyance is generally voidable by a court or, in a bankruptcy case, by the trustee in bankruptcy. … of rendering the property unavailable for satisfaction of a debt or otherwise hindering or defeating the rights of creditors ;specif : a conveyance of property that is made in return for inadequate consideration by one who is
Administrator
administration of the effects of deceased persons, whether with or without the will annexed, and whether granted for general, special, or limited purposes. Administration is ordinarily granted to some one or more -- persons interested in the … generally use administrator to refer to someone of either sex, Black Law Dictionary, 7th Edn., p. 46. A Creditor may obtain a Grant of Administration if none of the persons entitled to the estate are willing to
Legacy
bounty of the testator, it is postponed to the claims of creditors. There are four kinds of legacies:-(1) General, when it does not amount to a bequest of any particular thing or money, as distinguished from all … arising as it does from the mere bounty of the testator, it is postponed to the claims of creditors. There are four kinds of legacies:-(1) General, when it does not amount to a bequest of any particular
court
at nor attend the meeting of creditors "J. H. Williamson"] 4 usu cap : a legislative body [the General Court of Massachusetts] 5 : a body (as the International Court of Justice) exercising judicial powers over its … [an issue to be decided by the ] [the may neither preside at nor attend the meeting of creditors "J. H. Williamson"] 4 usu cap : a legislative body [the General Court of Massachusetts] 5 : a
Act of Grace
it provides for the maintenance of debtors imprisoned by their creditors. It is usually applied in England to general pardons granted at the beginning of a new reign, or on other great occasions. … so termed in Scotland was passed in 1696; it provides for the maintenance of debtors imprisoned by their creditors. It is usually applied in England to general pardons granted at the beginning of a new reign, or
Pari passu
pari passu is -- at an equal rate or pace, with simultaneous progress, proportionately etc. This term is generally used in the context of creditors who, in marshalling assets, are entitled to receive out of the same … equal rate or pace, with simultaneous progress, proportionately etc. This term is generally used in the context of creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each
Arrangements between debtors and creditors
of the deed to give security, making provision for auditing his accounts, and prescribing his duties and liabilities generally; (5) making certain general provisions as to Courts, procedure, etc., And see the (English) Deeds of Arrangement Rules, … Arrangements between debtors and creditors. The 125th and 126th sections of the (English) Bankruptcy Act, 1869, which repealed an Act of 1861, allowed
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