opt out statute

opt-out statute. Bankruptcy. A state law that limits the exemptions that a debtor who has filed for bankruptcy can claim to those provided by state and local bankruptcy laws, and nonbankruptcy federal law. • The federal bankruptcy code includes an “opt-out” provision that allows states to choose not to adopt the federal exemptions. 11 USCA § 522(b). — Also termed opt-out legislation.

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双语律师Denise，知名法学院国际私法专业，擅长翻译各类与国际争议解决相关的法律文件。