Personal Bankruptcy

Bankruptcy Terms C

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Case Law

That body of Court decisions that act as precedents in the interpretation of various Acts. In some cases, the rule is not in statute books but can be found as a principle of law established by a judge in some recorded case.

Charge

An encumbrance, lien or financial obligation that is attached to some property. For example, a person who files a lien against a piece of property might say that he has a charge against that property.

Chattel

Assets that are movable and not attached to land or real property.

Chattel Mortgage

An interest that is given by one person in a piece of personal property such as a piano to another person to secure a debt.

Clearance Certificate

A certificate issued by a statutory body signifying that they are not owed any money in regards to a certain file or company.

Collateral

Property that has been given or committed in order to guarantee a loan.

Completion Date

That date on which the transfer of title is to be made.

Condition Precedent

A contractual condition that is required to be met before a contract can be completed.

Consideration

Under common-law, one of the three criteria that have to be met before a contract is binding. Refers to money or payment of money.

Consign

To hand over or give possession of an asset to someone.

Consumer Debtor

A person who is bankrupt or insolvent and whose total debts, excluding any debts secured by the person's principle residence, do not exceed $75,000 or such other maximum as is prescribed.

Consumer Goods

This is the definition under the Personal Property Security Act, meaning goods that are used or acquired for use primarily for personal, family or household purposes.

Contingency Fee

That fee which a person, often a lawyer, is entitled to per agreement upon the successful completion of some action. For example, a lawyer can take on an action for, say, 25% of the proceeds which he would only be entitled to if the action is successful.

Contract

An agreement between parties, where each party has obligations. In order to be valid, a contract requires an offer, an acceptance of that offer and, in common-law jurisdictions, consideration.

Conveyance

That act which transfers property from one person to another.

Creditor

That person who has a claim, preferred, secured or unsecured, provable under the Bankruptcy and Insolvency Act.

Crystallization

That point in time where a contract or agreement triggers certain clauses in that contract.

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