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Bus Law Chapter 12

TermDefinition
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
Created by: jennafarnsworth