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Bus Law Chapter 12
| Term | Definition |
|---|---|
| lien | claim against specific property to satisfy a debt |
| mechanic's lien | a statutory lien on the real property of another to ensure payment for work performed and materials furnished for the pep air or improvement of real property |
| artisan's lien | possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed |
| attachment | court ordered seizure and taking into custody of property prior to the securing of a judgement for a past due debt |
| writ of attachment | court's order issued prior to a trial to collect a debt, directing the officer to seize nonexempt property of the debtor |
| writ of execution | a court's order issued after judgement has been entered against a debtor, directing the sheriff to seizure the debtor's nonexempt real or personal property |
| garnishment | legal process used by the creditor to collect a debt by seizing property of the debtor that is being held by a third party |
| suretyship | express contract in which a third party to a debtor creditor relationship promised to be primarily responsible for the debtor's obligation |
| surety | person who agrees to be primarily responsible for the debt of another |
| right of subrogation | right of a person to stand in the place of another, giving the substituted party the same legal rights that the original party had |
| right of reimbursement | legal right of a person to be restored for costs, expenses, or losses incurred on behalf of another |
| right of contribution | the right of a co surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co sureties |
| homestead exemption | law permitting a debtor to retain the family home free fro the claims of unsecured creditors or trustees in bankruptcy |
| liquidation | sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors |
| preference | property transfers or payments made by the debtor that favor one creditor over others |
| preferred creditor | one who has received a preferential transfer from a debtor |
| reaffirmation agreement | an agreement between a debtor and a creditor in which the debtor reaffirms a debt dischargeable in bankruptcy |
| debtor in possession | a debtor who is allowed to continue in possession of the estate in property and to continue business operations |
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jennafarnsworth
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