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B Law 2 Unit 1 Ch 21

Creditors' Rights and Bankruptcy

TermDefinition
mechanic’s lien A statutory lien on the real property of another to ensure payment to a person who has performed work and furnished materials for the repair or improvement of that property.
artisan’s lien A possessory lien on the personal property of another person to ensure payment to a person who has made improvements on and added value to that property.
attachment The legal process of seizing another’s property under a court order to secure satisfaction of a judgment yet to be rendered.
writ of attachment A writ used to enforce obedience to an order or judgment of the court.
writ of execution A writ that puts in force a court’s decree or judgment.
garnishment A legal process whereby a creditor appropriates a debtor’s property or wages that are in the hands of a third party.
creditors’ composition agreement An agreement formed between a debtor and his creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
suretyship An express contract in which a third party (the surety) promises to be primarily responsible for a debtor’s obligation to a creditor.
surety A third party who agrees to be primarily responsible for the debt of another.
guarantor A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults; thus, liability is secondary.
right of subrogation The right of a surety or guarantor to stand in the place of (be substituted for) the creditors, giving the surety or guarantor the same legal rights against the debtor that the creditor had.
right of reimbursement The legal right of a person to be repaid or indemnified for costs, expenses, or losses incurred or expended on behalf of another.
co-surety A person who assumes liability jointly with another surety for the payment of an obligation.
right of contribution The right of a co-surety who pays more than his proportionate share on a debtor’s default to recover the excess paid from other co-sureties.
homestead exemption A law permitting a debtor to retain the family home, either in its entirety or up to a specified dollar amount, free from the claims of unsecured creditors or trustees in bankruptcy.
consumer-debtor One whose debts result primarily from the purchases of goods for personal, family, or household use.
liquidation The sale of the nonexempt assets of a debtor and the distribution of the funds received to creditors.
discharge The termination of a bankruptcy debtor’s obligation to pay debts.
petition in bankruptcy The document that is filed with a bankruptcy court to initiate bankruptcy proceedings.
U.S. trustee A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
order for relief A court’s grant of assistance to a complainant. In bankruptcy proceedings, relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
automatic stay In bankruptcy proceedings, the suspension of almost all litigation and other action by creditors against the debtor or the debtor’s property; effective the moment the debtor files a petition in bankruptcy.
estate in property All of the property owned by a person, including real estate and personal property.
preference In bankruptcy proceedings, a property transfer or payment made by the debtor that favors one creditor over others.
preferred creditor In the context of bankruptcy, a creditor who has received a preferential transfer from a debtor.
reaffirmation agreement An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay a debt dischargeable in bankruptcy.
workout An out-of-court agreement between a debtor and creditors that establishes a payment plan for discharging the debtor’s debts.
debtor in possession (DIP) In Chapter 11 bankruptcy proceedings, a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.
cram-down provision A provision of the Bankruptcy Code that allows a court to confirm a debtor’s Chapter 11 reorganization plan even though only one class of creditors has accepted it.
Created by: leighg2011