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Debtor Creditor 1

TermDefinition
Consumer Proposal Debtor that submitted to his creditors that he is going through a bankruptcy
Default Judgment The defendant takes no action against them being sued and that means that the plaintiff may start a legal process against him.
Liquidated Amount Amount of money that can be easily calculated
Notice of Motion Court document that initiate a motion and explains what required and why
Conditional Sale Contract A buyer takes the item he bought, but the right of the item remains with the seller until the buyer will pay the full cost (like financing a car)
Exigible Assets Property that can be taken from the debtor under a writ of seizure and sale
Substantial Indemnity The one who “lost” in a trial will pay for the legal process that have been done dollar for dollar
Limitation Period Time period that legal proceeding must be commenced. After the expiration there is no way to start a legal proceeding
Disbursements Law firm out of the pocket money that have been paid to a third party
Guarantor A person who will have to pay to the creditor in case the debtor could not
Partial Indemnity Legal cost based on an hourly rates listed on the grid
Writ of Seizure and Sale Allows the sheriff to sell any property that belongs to the debtor the pay for the creditor.
Execution Creditor a creditor who has obtained a judgment and now is enforcing a judgment of debt
Judgment Debtor a debtor against whom a judgment has been obtained
Secured Credit Transaction A debtor who put a property that the creditor can take in case he can't pay
Judgment Proof a debtor against whom a judgment may be obtained, but he can’t pay so the judgment will be unenforceable
Created by: 2185665258120992
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