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Legal terminology 25-26
Terms in this set (55)
Federal courts that are established to administer the bankruptcy laws.
petition for bankruptcy
The document filed in a court requesting that bankruptcy proceedings be started against a certain person. May be filed by the person declaring bankruptcy or by the creditors.
A person who is declared by a court to be unable or unwilling to pay his or her debts.
The process of declaring a person bankrupt and then taking the person's assets and distributing them among the creditors.
Person or persons to whom a debt is owed.
A bankruptcy proceeding that is started by the person who is bankrupt.
A petition filed by the debtor requesting the benefit of the bankruptcy laws. A petition for voluntary bankruptcy.
A bankruptcy proceeding that is started by the creditors of the bankrupt person.
The ability or capacity of a person to pay his or her debts.
The inability of a person to pay his or her debts.
ex parte application
Latin. An application filed by one side or one party. It is made by a creditor who is not a party to the bankruptcy proceeding but who has an interest in it.
An officer serving as the trial judge of a bankruptcy court who is in charge of the proceedings in that court in accordance with federal bankruptcy laws.
An impartial person appointed by the court to take charge of property involved in a bankruptcy proceeding and to follow the directions of the court in disposing of the property.
A person who holds the property of a bankrupt for the benefit of the creditors.
A person who cannot pay his or her debts.
An agreement between a debtor and creditor that the amount stated as being owed to the creditor is accurate.
An open or unsettled account between a debtor and creditor. The opposite of account stated.
summary of debts and assets
A listing provided to the court containing all the debt and assets of the debtor in a bankruptcy proceeding.
The property owned by a bankrupt that may be applied to pay his or her debts.
Something that one owes to another and has an obligation to pay.
An agreement between a debtor and creditor in which the creditor agrees to accept less than the amount of the debt in settlement for the entire debt.
Debts that are guaranteed by pledged collateral, such as a mortgage.
balance of funds
The amount remaining after the secured debts are paid that is to be divided among the other creditors.
To convert assets in to cash to be used to pay the amount owed to creditors.
A judgment for a portion of a secured debt for which the sale of the property does not pay in full.
The release of a bankrupt from the obligation of paying his or her former goods.
Property acquired after a person has filed for bankruptcy. After-acquired property is not subject to the claims of bankruptcy creditors.
A relationship whereby one person gives permission to another person to act for or represent him or her.
The one who gives permission to another person to act for or represent him or her.
A principal who is not known to the party with whom an agent transacts business.
power or attorney
The instrument by which the principal gives the agent the authority to represent or act for him or her. If the principal becomes incapacitated or disabled, the power of attorney is no loner valid; however, a durable power of attorney would be valid.
The one who acts for or represents a principal with the principal's permission.
The person who has complete authority to do a certain thing or act for another person.
An agent who has permission to transact any and all affairs of a particular business for a principal.
An agent who has permission to transact a specified act for a principal.
An agent who has the authority to transact and and all business for a principal.
An agent who is given direct and first authority by a principal to act as an agent.
An agent who is given permission by a primary agent to transact business for the principal.
exclusive or irrevocable agency
An agency that cannot be revoked by the principal while the agency contract or agreement is in effect.
An agency that is created by the actions of the parties in a particular situation.
del credere agent
Latin. An agent who guarantees or acts as a surety for the principal against the default of persons with whom the agent conducts business of behalf of the principal.
delegation of authority
One person giving or transferring his or her authority to another person.
Agreement by both parties to the agent/principal relationship. An essential element of an agency.
The party with whom an agent transacts the business for a principal.
A relationship that exists when one person trusts and relies upon another.
The presumed acceptance by principal, because of the principal's actions, of the things done on his or her behalf by an agent.
A situation that arises when a principal is forbidden by law from alleging or denying certain things done by an agent because of the principal's action or lack of action in the past.
The acceptance by a principal of the acts performed on the principal's behalf by an agent or another person.
Latin. Let the master answer. A principal is responsible for the wrongful acts that the agent does for him or her.
An agent who is employed by a principal to sell goods for the principal. The factory usually has possession of said goods and sells them in his or her own name.
The failure of an agent to perform the acts that the agent agreed to do for the principal.
ostensible authority or apparent authority
The authority that a principal, either intentionally or by want of due care, leads a third party to believe the agent possesses.
Authority of an agent that is implied by the actions of a principal.
The authority that an agent must have in order to perform the business authorized by a principal.
Authority, either oral or written, that is definitely and explicitly given to an agent.
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