Bus Law Chapter 12
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| lien | claim against specific property to satisfy a debt
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| 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
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| 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
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| attachment | court ordered seizure and taking into custody of property prior to the securing of a judgement for a past due debt
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| 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
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| 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
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| 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
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| suretyship | express contract in which a third party to a debtor creditor relationship promised to be primarily responsible for the debtor's obligation
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| surety | person who agrees to be primarily responsible for the debt of another
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| 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
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| right of reimbursement | legal right of a person to be restored for costs, expenses, or losses incurred on behalf of another
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| 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
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| homestead exemption | law permitting a debtor to retain the family home free fro the claims of unsecured creditors or trustees in bankruptcy
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| liquidation | sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors
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| preference | property transfers or payments made by the debtor that favor one creditor over others
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| preferred creditor | one who has received a preferential transfer from a debtor
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| reaffirmation agreement | an agreement between a debtor and a creditor in which the debtor reaffirms a debt dischargeable in bankruptcy
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| 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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