fiduciary debt
fiduciary debt. A debt founded on or arising from a fiduciary relationship, rather than from a solely contractual relationship.
Search Results for: FIDUCIARY DEBT
debtor in possession
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-in-possession has all the rights, powers, and duties of a Chapter 11 trustee. — Abbr. DIP. [Cases: Bankruptcy 3622, 3672. C.J.S. Bankruptcy §§ 374, 417.]
debtor in possession Read More »
legal subrogation
Subrogation that arises by operation of law or by implication in equity to prevent fraud or injustice. • Legal subrogation usu. arises when (1) the paying party has a liability, claim, or fiduciary relationship with the debtor, (2) the party pays to fulfill a legal duty or because of public policy, (3) the paying party