motion to lift the stay. Bankruptcy. A party’s request that the bankruptcy court alter the automatic bankruptcy stay to allow the movant to act against the debtor or the debtor’s property, as when a creditor seeks permission to foreclose on a lien because its security interest is not adequately protected. — Also termed motion for […]
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judicatum solvi (joo-di-kay-t[schwa]m sol-vI). [Latin “that the judgment will be paid”] 1. Roman law. The payment of the sum awarded by way of judgment. 2. Roman law. Security for the payment of the sum awarded by way of judgment. • This applied when a representative appeared on the defendant’s behalf at the trial. 3. Civil
composition, n. 1. An agreement between a debtor and two or more creditors for the adjustment or discharge of an obligation for some lesser amount; an agreement among the debtor and two or more creditors that the debtor will pay the creditors less than their full claims in full satisfaction of their claims. • The
notice filing. The perfection of a security interest under Article 9 of the UCC by filing only a financing statement, as opposed to a copy or abstract of the security agreement. • The financing statement must contain (1) the debtor’s signature, (2) the secured party’s name and address, (3) the debtor’s name and mailing address,
registration, n. 1. The act of recording or enrolling (the county clerk handles registration of voters). [Cases: Elections 95–119. C.J.S. Elections §§ 7(3), 36–38, 40(1), 41, 46–47, 51–52.] criminal registration. The requirement in some communities that any felon who spends any time in the community must register his or her name with the police. •
statute merchant. Hist. 1. (cap.) One of two 13th-century statutes establishing procedures to better secure and recover debts by, among other things, providing for a commercial bond that, if not timely paid, resulted in swift execution on the lands, goods, and body of the debtor. 13 Edw., ch. 6 (1283); 15 Edw., ch. 6 (1285).
arrestment. 1. The arrest of a person or of personal effects. 2. Scots law. The taking or attachment of property belonging to another person but in the possession of a third party, either to obtain security or to found jurisdiction. • The process of attachment is similar to garnishment: the property holder is ordered to
installment sale. A conditional sale in which the buyer makes a down payment followed by periodic payments and the seller retains title or a security interest until all payments have been received. — Also termed installment plan; retail installment sale. [Cases: Sales 82(4).] disguised installment sale. Bankruptcy. A debtor’s leasing ploy to try to keep
acceleration clause. A loan-agreement provision that requires the debtor to pay off the balance sooner than the due date if some specified event occurs, such as failure to pay an installment or to maintain insurance. Cf. DE-MAND CLAUSE; INSECURITY CLAUSE. [Cases: Bills and Notes 129(2). C.J.S. Bills and Notes; Letters of Credit §§ 76, 92–100.]
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Scots law. A person who has a security interest in more than one piece of the debtor’s property.