Unsecured - Law Dictionary Search Results
Once action rule
debt is secured by real property the creditor must foreclose on the collateral before proceeding against the debtor's unsecured assets, Black's Law Dictionary, 7th Edn., p. 1116.
Financial asset
or receivables and includes-- (i) a claim to any debt or receivables or part thereof, whether secured or unsecured; or (ii) any debt or receivables secured by, mortgage of, or charge on, immovable property; or (iii) a
Administrative convenience
in relation to bankruptcy means a provision permitting a bankruptcy plan to have a separate classification for small, unsecured claims, to the extent that the separate classification will assist in a more efficient disposition of to estate,
Keep your definitions linked to case research
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,
exemptions, exempt property
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
priority
priority pl: -ties : precedence in exercise of rights in the same subject matter [secured interests have over unsecured ones] adj 1 : having precedence over another in the exercise of rights in the same subject matter
no-asset case
case A chapter 7 case where there are no assets available to satisfy any portion of the creditors' unsecured claims. Source: Administrative Office of the U.S. Courts
medium term notes
medium term notes unsecured general obligations of Fannie Mae with maturities of one day or more and with principal and interest payable
means test
net of certain statutorily allowed expenses, is more than (i) $10,000, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $6,000. The debtor may rebut a presumption of abuse
debenture
debenture [Anglo-French debentour and Medieval Latin debentura, perhaps from Latin debentur they are owed] : an unsecured bond that is backed by the issuer's general credit rather than a specific lien called also debenture bond
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