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Distraint is the act or process "whereby a person (the distrainor), traditionally even without prior court approval, seizes the personal property of another located upon the distrainor's land in satisfaction of a claim, as a pledge for performance of a duty, or in reparation of an injury."
Hypothec (/ h aɪ ˈ p ɒ θ ɪ k, ˈ h aɪ p ɒ θ-/; German: Hypothek, French: hypothèque, from Lat. hypotheca, from Gk. ὑποθήκη: hypothēkē), sometimes tacit hypothec, is a term used in civil law systems (e.g. the law of most of Continental Europe) or to refer to a registered real security of a creditor over real estate, but under some jurisdictions it may additionally cover ships ...
The anti-alienation provision of the Employee Retirement Income Security Act of 1974 (ERISA) exempts from claims of creditors the assets of pension, profit-sharing, or 401(k) plans. Two exceptions are carved out for qualified domestic relations orders and claims under the Federal Debt Collection Procedures Act of 1990. Because the protection is ...
The Judicature Act 1873, s. 25 (6), enacted that the legal right to a debt or other legal chose in action could be passed by absolute assignment in writing under the hand of the assignor. [17] This was later updated by the Law of Property Act 1925 s. 136 which outlined that for an assignment to be valid: [18] it must be in writing;
Fraudulent conveyance or also known as action revocatoire or Pauline action (채권자취소권) is a right to preserve the debtor's property for all creditors by canceling an action by the debtor which reduces the debtor's property with a knowledge that the action harms the rights of the creditor.
Marshalling is an equitable doctrine applied in the context of lending. It was described by Lord Hoffmann as: [A] principle for doing equity between two or more creditors, each of whom are owed debts by the same debtor, but one of whom can enforce his claim against more than one security or fund and the other can resort to only one.
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.
When the debtor is a government, it is called a sovereign default. A notice of default is a notification given to a borrower stating that a payment has not been made by the predetermined deadline, or is otherwise in default on the mortgage contract. Other ways a borrower may be in default include not providing proper insurance coverage for the ...