a specific date upon which performance of a Chapter 11 plan begins.
This date may be a specific date upon which a defined event occurs,
such as an order of confirmation becoming final.
an early common law writ, available as an alternative to fieri facias,
that enabled a judgment creditor to obtain personal property of the
debtor or to receive revenues from portion of the debtor's lands. SeeFieri facias.
French, meaning "on the bench." All judges of an appellate court sitting together to hear a case, as opposed to the routine disposition by panels of three judges. In the Ninth Circuit, an en banc panel consists of the chief judge and 14 other, randomly selected, judges.
purchase money security interest
a right to or interest in property, such as a lien, which diminishes
the extent of the owner's title.
a general term used in the Code to encompass a wide variety of legal
persons, including individuals, corporations, and governmental units.
Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases.
a lien recognized under principles of equity in the absence of legal
lien rights, in order to do justice between the parties and to provide
effective relief to an otherwise unsecured creditor.
A person’s financial interest in their property. Equity is the difference between the value of the property and the amount owed on it.
the amount of surplus realizable equity held by the debtor in collateral
beyond the amount of the secured debt plus any senior claims. This
excess value in the collateral is called an "equity cushion" because it
provides a margin of safety for the lienholder to cover any adverse
change in the collateral-debt ratio caused by future depreciation of the
property or the accumulation of interest or costs.
the mortgagor's right to save property from foreclosure by paying the
mortgage debt before the foreclosure sale. The equity of redemption
arises from principles of equity and applies only in the presale period.
It must be distinguished form statutory redemption, which extends
beyond the sale date and may be exercised against the purchaser of
the property. See also redemption.
a share in a corporation or a limited partner's interest in a partnership.
Equity Security Holder
an entity owning an interest in a debtor. The shareholders of a
corporate debtor are its equity security holders. The partners of a
partnership are its equity security holders. Sections 101(16) of the
Bankruptcy Code defines equity security holder.
1) the total property held by a person. 2) In bankruptcy, the legal
entity created by the filing of the petition, which succeeds to the
debtor's property rights under §541.
Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case in favor of one side or the other.
a hearing held to take sworn testimony to permit a Bankruptcy Court
to make a decision in a contested matter that is not a separate
adversary proceeding. An evidentiary hearing is similar to a trial in
a Nonbankruptcy environment. A "trial" on a contested motion for
relief from the automatic stays property called an evidentiary hearing.
A proceeding brought before a court by one party only, without notice to or challenge by the other side.
an individual appointed in a Chapter 11 proceeding to conduct an
independent investigation of some or all of a debtor's financial
Exception To Discharge
a debt that is excluded from the debtor's discharge on one of the
grounds enumerated in §523.
Doctrine that says evidence obtained in violation of a criminal defendant's constitutional or statutory rights is not admissible at trial.
a period of time in a Chapter 11 proceeding when only the debtor-in-
possession may file a reorganization plan. This period, as provided
for in Section 1121 of the Bankruptcy Code, is the first 120 days from
the entry of an order for relief. This period can be extended. The
period terminates upon the appointment of a trustee.
Evidence indicating that a defendant did not commit the crime.
property of the debtor that is not exempt or otherwise immune from
execution, so that it can be subjected to the claims of creditors.
the enforcement of a judgment by the seizure and sale or nonexempt
property of the debtor.
a judicial lien created in property of the debtor levied upon under a
writ of execution.
contracts for which performance remains due to some extent on both
sides. Franchise or license agreements are common executory
contracts. Executory contracts are the subject of Bankruptcy Code
Section 365. An executory contract may be assumed or rejected.
Property that is exempt is not part of the bankruptcy estate and cannot be used to pay the claims of creditors. The debtor can select the property to be exempt from a statutory lists of exemptions prescribed the law of his state. The debtor gets to keep exempt property for use in staring over after bankruptcy.
Property that a debtor is allowed to retain, free from the claims of creditors who do not have liens on the property.
Exemptions are the lists of the property that is legally beyond the reach of creditors or the bankruptcy trustee. What property may be exempted is determined by state and federal statutes, and varies from state to state.
an application made to the court without notice or with limited notice
to limited parties. Ex parte applications are specifically permitted for
various ministerial functions. In other circumstances, a legitimate
extraordinary circumstance must exist for the court to consider ex
a contract between a debtor and a creditor or creditors, under which
the debtor is allowed an extension of time in which to pay debts.
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