Bankruptcy Terms D-E
A-B
C D-E
F-G-H-I J-K-L-M-N-O
P-Q
R-S T-U-V-W-X-Y-Z
Deemed Trust
A trust that is established by statute to be in effect even though
there may not be any actual asset or monies held in that trust. For example, Revenue
Canada in a bankruptcy or insolvency situation takes the position that it has a
deemed trust covering source deductions that they claim rank even ahead of certain
secured creditors.
Default
Failure to pay or otherwise perform obligations under a contract.
Disallowance
To refuse or to set aside. For example, the Trustee in Bankruptcy, under the Bankruptcy
and Insolvency Act, can disallow a claim submitted by a creditor.
Disclaim
The act of denying, refusing, renouncing or repudiating an interest that one might
have in some item.
Dissolution
The act of ending, terminating or winding up of a company or state of affairs.
Distraint
The right that a landlord has to seize the property of a tenant on the premises
being rented and sell that property for payment of rent arrears.
Dividend
Under the Bankruptcy and Insolvency Act it refers to those monies paid by a Trustee
in Bankruptcy to the creditors.
Easement
The right held by one person to make use of the land held by another person for
a limited interest. For example, a utility may have an easement over a piece of
real property which allows that utility to have, for example, electrical power lines
running over that property.
Encumbrances
Those charges or the security that attaches to any kind of property. For example,
if there is a mortgage on a piece of property, then the property is said to be encumbered
by that mortgage.
Equity
This refers to the excess that the value of a piece of property has over any charges
or encumbrances against that piece of property.
Escrow
The holding on to of money or a written document, such as shares or a deed, until
certain conditions are met by the two contracted parties.
Ex Parte
Latin - for one party only. Ex parte refers to those proceedings where one of the
parties has not received notice and therefore is neither present nor represented.
Examination For Discovery
A legal proceeding whereby one party examines the party on the other side, usually
under oath for the purpose of confirming facts and perhaps obtaining admissions
from that other party.
A-B
C D-E
F-G-H-I J-K-L-M-N-O
P-Q
R-S T-U-V-W-X-Y-Z
Top
|