Legal Specs

Definition 1

persons, contracts. A creditor is he who has a right to
require the fulfilment of an obligation. or contract.

2. Creditors may; be divided into personal and real.

3. The former are so called, because their claims are mainly against the
person, who can reach the property of their debtors only by; virtue of the
general rule by which he who has become personally obligated, is bound to
fulfil his engagements, with all his property acquired and to be acquired,
Which is a common guaranty for all his creditors.

4. The latter are called real, because they have mortgages or other securities
binding on the real estates of their debtors.

5. It is proper to state that personal creditors may be divided into two
classes first, those who have a right on all the property of their debtors,
without considering the origin, or the nature of their claims; secondly,
those who, in consequence of some provision of law, are entitled to some
special prerogative, either in the manner of recovery, or in the rank they
are to hold among creditors; these are entitled to preference. As an example,
may be mentioned the case of the United State; when they are creditors,
they have always a preforenee in case of insolvent estates.

6. A creditor sometimes becomes so, unknown to his debtor, as is the case
when the former receives an assignment of commercial; paper, the title to
recover which may be conveyed either by endorsement, or, in some cases,
by mere delivery. But in general it is essential there should be a privity
of contract between the parties. Vide, generally, 7 Vin. Ab. 42; 3 Com.
Dig. 343; 8 Com. Dig. 388; 1 Supp. to Ves. Jr. 302 2 Sup. to Ves. Jr. 305
Code, 7, 72, 6; Id. 8, 18; Dig 42, 6, 17; Nov. 97 ch. t3 Bouv. Inst. Index,
h. t.

Posted on 19 Sep 2008

Having identity theft protection is becoming an increasingly necessary precaution. This type of theft is a rapidly growing crime problem with many avenues in which unscrupulous thieves take advantage of unsuspecting people. Here is some information about identity theft and some things yo...

Posted on 08 Sep 2008

Originally, only companies thought of investing in surety bonds. They realized the potential and high returns offered, considering such types of investments to be secure and profitable. Slowly, an increased number of individuals have shown their interest for California probate bonds and Lo...

Posted on 05 Sep 2008

Some historians credit the Romans with first documenting the phenomenon of "bankruptcy" to describe a merchant or tradesman who had his board broken when he couldn't pay his creditors back. And the US hasn't had debtors prisons since the 19th century. But, people still file for bankruptcy ...

Posted on 05 Sep 2008

There was a time when most of the people would not encounter anything to do with legal services in their whole lifetime. But in today's complex lifestyle there is hardly anyone who has not needed some bit of legal advice. An experienced attorney/lawyer helps people find legal services and ...

Posted on 05 Sep 2008

There are three main classes of bankruptcy: Chapter 7, Chapter 11, and Chapter 13.

Chapter 7 bankruptcy will discharge most types of debts for the average citizen. It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors fro...

Posted on 16 Aug 2008

A partnership agreement is simply an agreement between two or more persons to build a business partnership for profit. Although the law does not require any written form to create partnership, it has become a common practice to reduce the agreement into writing.

There is no fe...

Posted on 13 Aug 2008

In the US divorce proceedings, Alimony (also known as 'maintenance' or 'spousal support') is still being granted in many cases, especially in longer term marriages.
Alimony is also likely in cases where a spouse has remedial needs that must be met in order for the spouse to become fu...

Posted on 21 Jul 2008

A collection agency is a business that pursues payments on debts owed by individuals or businesses. The term collection agency is usually applied to third-party agencies, called such because they were not a party to the original contract.
The service sends a series of increasingly u...

Posted on 17 Jul 2008

Commercial law covers complex contract and property law. The law of agency, insurance law, bills of exchange, insolvency and bankruptcy law and sales law are all important, and trace back to the mediæval Lex Mercatoria.
Agency is an area of commercial law dealing with a c...

Posted on 16 Jul 2008

Introduction

The doctrine of privity of contract is the relationship that exists between parties to a contract. Only those parties to the contract are bound by it and are able to enforce the contractual obligations under the contract. The concepts of novation and assignment, a...

Posted on 16 Jul 2008

From what my clients have told me, this threat occurs with great frequency. The typical scenario is that the individual has defaulted on a credit account. The original creditor, be it Citibank or Capital One or whomever, fails in its attempts to get the defaulting individual to pay. The...

Posted on 10 Jul 2008

When creditors failed to collect debts on debtors, some creditors tend to seek professional help from a third party collection agency. The term collection agency is usually applied to third-party agencies, called such because they were not a party to the original contract.
The credit...

Posted on 03 Jul 2008

When deciding to engage in a business venture in the United States, Los Angeles is one of its states to be considered. It is one of it states where there is an abrupt raise on economic condition.

What is Business Law?

Business law commonly known as commercial law ...

Posted on 27 May 2008

A collection agency is a business that pursues payments on debts owed by individuals or businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed.
Some agencies, sometimes referred to as "debt buyers", purch...

Posted on 14 May 2008

Cottages: Merriment, Death and Taxes

(Monday, April 07, 2008 ) - Nicole Ewing

Cottage season is mercifully just around the corner now. But as you will inevitab...

Posted on 08 May 2008

A promissory note is a legal document that allows companies and also individuals to get financing from a source other than a bank. Thankfully, here in the U.S. banks don't have a monopoly on lending, you can legally loan some one money with a promissory note. Any one can become a lender.

Posted on 29 Apr 2008

The Chapter 7 bankruptcy is our most popular form of personal bankruptcy here in the US. Often times we have to resort to it because we have experienced an unplanned, sudden loss of a job, or a major injury. If you truly want to discharge all of your debts and have a fresh financial start ...

Posted on 07 Apr 2008

Debts are among of the most annoying and the most infuriating part any businesses. It can cause delays in business transactions, unorganized billing, and bankruptcy. Which is why collecting this debts on time are essential to keep the interest of any kind of businesses.
The process o...

Posted on 07 Apr 2008

The proof of claim is the document indicating what a particular creditor is claiming that it is owed by a debtor. It is the starting point for receiving a share of any funds distributed by the bankruptcy trustee. The same proof of claim for applies to both Chapter 7 and Chapter 13 bankru...

Posted on 28 Feb 2008

In a Chapter 7 bankruptcy case, all non-exempt property can be sold to satisfy creditors. The question that arises is just what is non-exempt property? This question cannot be answered in generalities. Instead, the answer depends upon which jurisdiction the case is filed and which exemp...