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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Asset Case


Synonyms:clean-out, estate auction, liquidation, repossess, seize merchandise, takeover
Filed Under: financial-banking, legal-contracts
Tags: banking, contract, legal
 

Definition of asset case

asset case
1. A bankruptcy proceeding in which there are non-exempt assets that might be available to pay the claims of creditors.

Related Terms and Acronyms:

  • asset   Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
  • bankruptcy (BK)   A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • business bankruptcy   A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • claim   A creditor's assertion of a right to payment from a debtor or the debtor's property.
  • collection   The efforts used to bring an overdue mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.
  • distress   The right of one party to sell real or personal property belonging to another party to pay unpaid or overdue debt.

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