Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Court for the Relief of Insolvent Debtors
Hist. A court located in London with jurisdiction over bankruptcy matters. ( The Bankruptcy Act of 1861 abolished the Court.
Debtor's Act of 1869
An English statute that, among other things, (1) abolished imprisonment for debt except in certain cases, as when a debtor owed a debt to the Crown or a debtor had money but refused to pay a debt, (2) abolished arrest by mesne process, that is, by compelling the defendant to appear and give bail unless it was believed that the defendant would leave the country, (3) made it a misdemeanor to obtain credit under false pretenses or to defraud creditors, and (4) defined how warrants and judgment orders would be executed.
absconding debtor
A debtor who flees from creditors to avoid having to pay a debt. ( Absconding from a debt was formerly considered an act of bankruptcy. See ACT OF BANKRUPTCY.
account debtor
A person obligated on an account, chattel paper, or general intangible. * The UCC exempts from the definition of account debtor a person obligated to pay a negotiable instrument, even if the instrument constitutes chattel paper. UCC § 9-105(1)(a).
debtor
1. One who owes an obligation to another, esp. an obligation to pay money. 2. Bankruptcy. A person who files a voluntary petition or against whom an involuntary petition is filed - Also termed bankrupt. 3. Secured transactions. A person who either (1) has a property interest - other than a security interest or other lien - in collateral, even if the person is not an obligor, or (2) is a seller of accounts, chattel paper, payment intangibles, or promissory notes. UCC § 9-102(a)(19). - Abbr. Dr.
debtor rehabilitation
See REHABILITATION (3).
debtor-in-possession
Bankruptcy. A Chapter 11 or 12 debtor that continues to operate its business as a fiduciary to the bankruptcy estate. ( With certain exceptions, the debtor-inpossession has all the rights, powers, and duties of a Chapter 11 trustee. - Abbr. DIP.
joint debtor
One of two or more debtors jointly liable for the same debt.
judgment debtor
A person against whom a money judgment has been entered but not yet satisfied.
new debtor
Secured transactions. A person that becomes bound as debtor under a security agreement previously entered into by another person. UCC §§ 9-102(a)(39), 9-203(c).
new debtor.
See DEBTOR.
new-debtor syndrome.
Conduct showing a debtor's bad faith in filing for bankruptcy, as a result of which the court may dismiss the bankruptcy petition. ( An example is the debtor's formation of a corporation, immediately before the bankruptcy filing, solely to take advantage of the bankruptcy laws.
property of the debtor
Bankruptcy. Property that is owned or (in some instances) possessed by the debtor, including property that is exempted from the bankruptcy estate. 11 USCA § 541(b).