bankruptcy

Absolute-Bar Rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.

Illustrative caselaw

See, e.g. Beardmore v. American...

Abuse

Definition

1) Abuse, generally: physically, sexually, or mentally injuring a person.

2) Child abuse: physically, sexually, or mentally injuring a child either with intent or through neglect.

3) Substance abuse: excessively using or misusing...

Administrative Expenses

§507(a)(1) of the Bankruptcy Code states that claims that are given first priority distribution are those claims allowed as administrative expenses under §503(b). Administrative expenses have the highest priority among creditor claims...

After-Acquired Property

Definition from Nolo’s Plain-English Law Dictionary1) Property that a person acquires after taking on a debt, which becomes additional collateral for the debt. Typically, this occurs when the debtor has signed an agreement pledging all property as...

Appraisal

Definition from Nolo’s Plain-English Law DictionaryA determination of the value of something, such as a house, jewelry, or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at...

Appraise

Definition from Nolo’s Plain-English Law DictionaryTo professionally evaluate the value of property, such as real estate, jewelry, antique furniture, or securities; typically done in order to determine the value of assets for insurance coverage, divide...

Appraiser

Definition from Nolo’s Plain-English Law DictionaryA professional who is hired to determine the current value of real estate or other property. Some appraisers specialize in residential houses for the purpose of setting a sales price or securing a...

Assume

To assume means to undertake. Generally, in legal contexts, to assume means to take over a certain duty or responsibility. For example, Alice may assume Bob’s liability for a debt (Alice may take over Bob’s debt).

In...

Assumption

An assumption is an assertion or statement that is taken as true or supposed as a fact without proof or substantiating evidence. An assumption may also be the act of taking over (another individual or entity’s) duty or responsibility.

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Attached

Definition from Nolo’s Plain-English Law Dictionary1) In real estate, when equipment, shelving, or furniture is solidly incorporated into a structure, such as bolted to the floor or wired to the ceiling (and not capable of being removed without damage to...

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