An asset protection trust is a self-settled spendthrift trust. This means it is a trust that an individual creates for themselves that is protected from creditors. Asset protection trusts are normally found outside of the United States. There are some basic features of an offshore asset protection trust:
Assign is the act of transferring rights, property, or other benefits to another party (the assignee) from the party who holds such benefits under contract (the assignor).
Assignment for the benefit of the creditors (ABC) (also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for liquidating and distributing its assets.
Assumable mortgage is a term for mortgages that can be transferred to another person. If a mortgage is assumable, the selling owner transfers the title and mortgage to the buyer instead of the buyer getting a different mortgage. This process can save the buyer fees and lots of money on interest if the mortgage has lower interest than the market.
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.
[Last reviewed in June of 2021 by the Wex Definitions Team]
Attached property is property that has been seized pursuant to a court order, either as a provisional pre-judgment remedy or for the enforcement of a final judgment. Property may be attached only after the commencement of a lawsuit. In a pre-judgment request that property be attached, the movant must generally demonstrate a substantial risk of a future potential judgment’s lack of enforceability.
An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment.
