Creditor's Rights

Creditor's rights are the procedural provisions designed to protect the ability of creditors - persons who are owed money - to collect the money that they are owed. These provisions vary from one jurisdiction to another, and may include the ability of a creditor to put a lien on a debtor's property, to effect a seizure and forced sale of the debtor's property, to effect a garnishment of the debtor's wages, and to have certain purchases or gifts made by the debtor set aside as fraudulent conveyances. The rights of a particular creditor usually depend in part on the reason for which the debt is owed, and the terms of any writing memorializing the debt.

Read more about Creditor's RightsPriority of Creditors, Specialized Legal Practices

Other articles related to "creditor, right, creditors, rights":

Subordination (finance) - United States Law - Subordination of Debt
... Subordination is the process by which a creditor is placed in a lower priority for the collection of its debt from its debtor's assets than the priority the creditor previously had, In common parlance, the debt is said ... The priority of right to collect the debt is important when a debtor owes more than one creditor but has assets of insufficient value to pay them all in full at the time ... Except in bankruptcy proceedings, the creditor with the first priority for collection will have the first claim on the debtor's assets for its debt and the creditors whose rights are subordinate will thus have ...
Creditors Power During Insolvency
... In the UK, once an IVA has been applied for and is in place through the courts, creditors are prevented from making direct contact under the terms of the IVA ... The creditors will begin to deal with the Insolvency Practitioner and readily accept annual reports when submitted ...
Attachment (law)
... Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor ... For example, a declaration of bankruptcy will severely limit the ability of creditors to attach the property of the debtor ... jurisdictions have a homestead exemption or other property exemptions which limit the ability of creditors to attach the debtor's primary residence, vehicle, and/or personal effects. ...
Creditor Reference - Structure
... The Creditor Reference is an alphanumeric string, 25 characters long, with the letters "RF" at the beginning ... The remaining part of the Creditor Reference (up to 21 alphanumeric characters) is the Reference ... The content of the Creditor Reference can be determined without any restrictions ...
Creditor Reference - Implementation
... A vendor adds the Creditor Reference to its invoices ... When a customer pays the invoice, the company writes the Creditor Reference instead of the invoice number in the message section, or places a Creditor Reference field in its payment ledger ...

Famous quotes containing the words rights and/or creditor:

    In the course of the actual attainment of selfish ends—an attainment conditioned in this way by universality—there is formed a system of complete interdependence, wherein the livelihood, happiness, and legal status of one man is interwoven with the livelihood, happiness, and rights of all. On this system, individual happiness, etc. depend, and only in this connected system are they actualized and secured.
    Georg Wilhelm Friedrich Hegel (1770–1831)

    A creditor is worse than a slave-owner; for the master owns only your person, but a creditor owns your dignity, and can command it.
    Victor Hugo (1802–1885)