Secured Creditor - Law Dictionary Search Results
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
Executor
Executor. A person appointed by a testator to carry out the directions and requests in his will, and to dispose of the property according to his testamentary provisions after his decease.One who performs or carries out some act, Black's Law Dictionary, 7th Edn., p. 591.The leading 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 ensue, he will be personally liable for a devastavit, but will not be responsible for mere neglect to take out probate (Re Stevens, (1898) 1 Ch 162). See DEVASTAVIT.(2) By operation of law by virtue of his office he takes a title to the personal property of the testator which vests him with full power ovr the testator's chattels, Attenborough v. Solomon, 1913 AC 76, and by Administration of Estates Act, 1925, s. 1, extending and amending the Land Transfer Act, 1897, real property devolves...
Hypothec
Hypothec, in the law of Scotland, is a security without possession established by law in certain cases in favour of a creditor over the property of his debtor. In the case of a landlord to whom rent is owing it is restricted, as to the right to agricultural produce, by the Hypothec Amendment (Scotland) Act, 1867 (30 & 31 Vict. c. 42), and abolished by the Hypothec Abolition (Scotland) Act, 1867 (30 & 31 Vict. c. 42), and abolished by the Hypothec Aboli-tion (Scotland) Act, 1880 (42 Vict. c. 12), as to the rent of land, exceeding two acres in extent, let for agriculture or pasture. It is restricted in certain cases by the House-letting and Rating Act, 1911.A mortgage given to a creditor or property to secure a debt, Black's Law Dictionary, 7th Edn., p. 747....
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
perfect
perfect : entirely without fault or defect: as a : satisfying all requirements [failed to make tender] b : free from any valid legal objection : valid and effective at law [having title to the property] compare imperfect [pər-fekt] vt : to complete or put in final conformity with the law: as a : to make (an appeal) ready for transfer to an appeals court by satisfying procedural requirements b : to put (one's security interest) in a position or status having priority over subsequently perfected security interests or unperfected security interests by taking statutorily prescribed steps to give notice esp. by filing a financing statement or taking possession of the collateral [was the first creditor to its security interest in the debtor's collateral, and, thus, was the first in priority for the collateral "Commercial Bank v. Pride Furniture, Inc., 877 P.2d 1222 (1994)"] compare attach vi : to make something (as a security interest) complete, in conformity with the law, or...
financing statement
financing statement : a statement that contains information about a security interest in collateral used to secure a debt and that is filed to provide notice to other creditors of the security interest see also perfect Uniform Commercial Code in the Important Laws section compare financial statement NOTE: Under Article 9 of the Uniform Commercial Code, a financing statement must 1) give the names of the debtor and the secured party, 2) be signed by the debtor, 3) give the address of the secured party, 4) give the address of the debtor, and 5) indicate the items of collateral. ...
Bond-creditor
Bond-creditor, a creditor whose debt is secured by a bond....
Ranking of creditors
Ranking of creditors, the arrangement of the property of a debtor, according to the claims of the creditors and the nature of their respective securities, Scots term...
Surety
Surety, hostage, bondsman; one that gives security for another; one that is bound for another. A surety who discharges the liability of the principal debtor is entitled to an assignment of all the securities held by the creditor, and is entitled to contribution from his co-sureties, see Steel v. Dixon, (1881) 17 CD 825.Means the person by whom any security is provided, Wilson v. First Country Trust Ltd., (2001) LR 407 (QB) Consumer Credit Act, 1974 (C 39), s. 189(1).Surety, The person who gives the guarantee is called the surety. (Contract Act, 1872 (9 of 1872), s. 126)A person who is primarily liable for payment of another's debt or the performance of another's obligation, Black's Law Dictionary, 7th Edn., p. 1455....
secured debt
secured debt Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default. Examples include home mortgages, auto loans and tax liens. Source: Administrative Office of the U.S. Courts ...
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