Unsecured Creditor - Law Dictionary Search Results
Home Dictionary Name: unsecured creditorunsecured creditor
unsecured creditor see creditor ...
creditor
creditor : a person to whom a debt is owed ;esp : a person to whom money or goods are due compare debtor, obligor general creditor : a creditor who is not secured by a lien or other security interest called also unsecured creditor judgment creditor : a creditor who has a money judgment entered against the debtor and may enforce the judgment (as by attachment or writ of execution) known creditor : a creditor whose potential claim is known or should be known by a debtor and who is entitled to notice of a corporate dissolution or of a date at which claims will be barred (as in bankruptcy) lien creditor : a creditor who is secured by a lien (as by attachment) secured creditor : a creditor who has a security interest (as a mortgage) unsecured creditor : general creditor in this entry ...
unsecured claim
unsecured claim A claim or debt for which a creditor holds no special assurance of payment, such as a mortgage or lien; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay. Source: Administrative Office of the U.S. Courts ...
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...
subrogate
subrogate -gat·ed -gat·ing [Latin subrogatus, past participle of subrogare surrogare to elect as a substitute, from sub- under + rogare to request] : to put in the place of another by the doctrine of subrogation : substitute (as a second creditor) for another with regard to a legal right or claim [s the trustee to the priority and avoidance rights of certain unsecured creditors "J. J. White and R. S. Summers"] [the surety who pays the principal obligation is subrogated…to the rights of the creditor "Louisiana Civil Code"] ...
exemptions, exempt property
exemptions, exempt property Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in. Source: Administrative Office of the U.S. Courts ...
Absolute-priority rule
Absolute-priority rule, is a rule that a confirmable reorganization plan must provide for full payment to a class of dissenting unsecured creditor before a junior class of claimants will be allowed to receive or retain anything under the plan, Black Law Dictionary, 7th Edn., p. 7....
Arrangements between debtors and creditors
Arrangements between debtors and creditors. The 125th and 126th sections of the (English) Bankruptcy Act, 1869, which repealed an Act of 1861, allowed liquidation by arrangement and composition with creditors by resolutions passed at similar representative meetings to take the place of proceedings in bankruptcy. The (English) Bankruptcy Act, 1883, having repealed the Act of 1869 without re-enacting these clauses, arrangements with creditors outside the law of bankruptcy became common, and in order to legalize and regulate these arrangements, the (English) Deeds of Arrangement Act, 1887, was passed and amended in 1890 by 53 & 54 Vict. c. 24. The law has now been consolidated by the (English) Deeds of Arrangement Act, 1914 (4 & 5 Geo. 5, c. 47), which repeals the Act of 1887, and also parts of the Bankruptcy and (English) Deeds of Arrangement Act, 1913, and contains practically the whole statute law on the subject. The Act is divided into five parts: (1) defining the deeds of arrangement...
unsecured
unsecured : not secured: as a : not guaranteed or protected as to payment, performance, or satisfaction by a security interest or by property given or pledged as security [ debt] [an claim] b : characterized by a lack of security or of a security interest [ status] ...
unsecured loan
unsecured loan A loan made with no collateral posted to ensure repayment ...
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