General Creditor - Law Dictionary Search Results
Consideration
not void for other reasons, Story on Contracts, 71. (d) Considerations moving from third persons. It is a general rule that in cases of simple contract, if one party make a promise to another for the benefit … blood relation. Considerations such as 'love and affection' r gratitude for past services are also merely voluntary against creditors, see VOLUNTARY CONVEYANCES. The word 'consideration' has not been defined in the Transfer of Property Act, but there
Imprisonment
the order; [see Re Strong, (1886) 32 Ch D 342]. (5) Default in payment for the benefit of creditors of any portion of a salary or other income in respect of the payment of which any Court
Magna Carta
King John granted to the barons in 1215 and Henry III and Edward I later confirmed. It is generally regarded as one of the great common-law documents and as the foundation of constitution liberties. The other three … satisfactory. It is the prerogative of the Crown to claim priority for taxes and penalties before all other creditors, and to recover by a very prompt and efficacious process, because thesaurus regis est pacis vinculum et bellorum
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Chapter
allowing a trustee to collect and liquidate a debtor's property either voluntarily or by court order, to satisfy creditors, Black's Law Dictionary, 7th Edn. Chapter shall mean a Chapter of the Act or Regulation in which the
Uses
19 Hen. 7, c. 15, extended, for the first time, the estate of the cestui que use. In general, however, there was but little difference in the terms 'use' and trust. See OFFICIAL USE; ACTIVE USE; PASSIVE … or it might be a special trust unlawful, which was created for fradulent purposes, so as to defraud creditors, to defeat the Statute of Mortmain, and the like. If the two following statutes be compared, it will
Executor
After an order for administration has been made, however, the power to prefer no longer exists. (8) In general, legacies ought not to be paid within a year after the death of the testator, and not even … duties and responsibilities of an executor may be thus classed:- (1) He will not be allowed as against creditors extravagant funeral expenses if the testator died insolvent; and if he neglects to secure the property, and loss
sale
in this entry private sale : an often unadvertised sale of property that is not open to the general public and does not take place at a set time or place public sale : a sale (as … court order forced sale : a sale of property ordered by a court in order to satisfy a creditor's judgment against a debtor foreclosure sale : a sale of property upon default of a mortgage to satisfy
Pawn or Pledge
although equity allows a redemption. But in a pledge, a special property only passes to the pledgee, the general property remaining in the pledgor. Also, in the case of a pledge, the right of a pledgee is … Pawn or Pledge [fr. pignus, Lat.], a bailment of goods by a debtor to his creditor, to be kept till the debt is discharged. A mortgage of goods is in the Common Law distinguishable
bankruptcy
adjustment for an individual with a regular income (chapter 13). Municipalities may file for bankruptcy under chapter 9. Generally, not all debts are repaid in a bankruptcy. The court determines which debts are to be repaid according … 2 : the administration of an insolvent debtor's property by the court for the benefit of the debtor's creditors [the debt was discharged in ] [ proceedings] see also adequate protection Bankruptcy Code in the Important Laws
order
commodity futures that remains effective until filled or canceled 2 : an order for merchandise expressed in very general terms so that the seller has considerable latitude in selecting the articles actually provided stop order : an … property to another ;esp : an order commanding a judgment debtor to turn over assets to a judgment creditor [turnover order in aid of execution "California Code of Civil Procedure"] c : a command issued by a
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