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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词条贡献者

资深译员Grace，毕业于一所培养最顶级翻译人才的语言学院，擅长翻译各类与商业诉讼及争议相关的法律文件。