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Plano Bankruptcy - Terms & Definitions

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Effective Date of Plan
a specific date upon which performance of a Chapter 11 plan begins. This date may be a specific date upon which a defined event occurs, such as an order of confirmation becoming final.
Elegit
an early common law writ, available as an alternative to fieri facias, that enabled a judgment creditor to obtain personal property of the debtor or to receive revenues from portion of the debtor's lands. See Fieri facias.
En Banc
French, meaning "on the bench." All judges of an appellate court sitting together to hear a case, as opposed to the routine disposition by panels of three judges. In the Ninth Circuit, an en banc panel consists of the chief judge and 14 other, randomly selected, judges.
Enabling Loan
purchase money security interest
Encumbrance
a right to or interest in property, such as a lien, which diminishes the extent of the owner's title.
Entity
a general term used in the Code to encompass a wide variety of legal persons, including individuals, corporations, and governmental units. (§101(15))
Equitable
Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases.
Equitable Lien
a lien recognized under principles of equity in the absence of legal lien rights, in order to do justice between the parties and to provide effective relief to an otherwise unsecured creditor.
Equitable Subordination
See subordination
Equity
A person’s financial interest in their property. Equity is the difference between the value of the property and the amount owed on it.
Equity Cushion
the amount of surplus realizable equity held by the debtor in collateral beyond the amount of the secured debt plus any senior claims. This excess value in the collateral is called an "equity cushion" because it provides a margin of safety for the lienholder to cover any adverse change in the collateral-debt ratio caused by future depreciation of the property or the accumulation of interest or costs.
Equity Receivership
See receiver
Equity Of Redemption
the mortgagor's right to save property from foreclosure by paying the mortgage debt before the foreclosure sale. The equity of redemption arises from principles of equity and applies only in the presale period. It must be distinguished form statutory redemption, which extends beyond the sale date and may be exercised against the purchaser of the property. See also redemption.
Equity Security
a share in a corporation or a limited partner's interest in a partnership. (§101(16))
Equity Security Holder
an entity owning an interest in a debtor. The shareholders of a corporate debtor are its equity security holders. The partners of a partnership are its equity security holders. Sections 101(16) of the Bankruptcy Code defines equity security holder.
Equity Test
See insolvency
Estate
1) the total property held by a person. 2) In bankruptcy, the legal entity created by the filing of the petition, which succeeds to the debtor's property rights under §541.
Evidence
Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case in favor of one side or the other.
Evidentiary Hearing
a hearing held to take sworn testimony to permit a Bankruptcy Court to make a decision in a contested matter that is not a separate adversary proceeding. An evidentiary hearing is similar to a trial in a Nonbankruptcy environment. A "trial" on a contested motion for relief from the automatic stays property called an evidentiary hearing.
Ex Parte
A proceeding brought before a court by one party only, without notice to or challenge by the other side.
Examiner
an individual appointed in a Chapter 11 proceeding to conduct an independent investigation of some or all of a debtor's financial affairs.
Exception To Discharge
a debt that is excluded from the debtor's discharge on one of the grounds enumerated in §523.
Exclusionary Rule
Doctrine that says evidence obtained in violation of a criminal defendant's constitutional or statutory rights is not admissible at trial.
Exclusivity Period
a period of time in a Chapter 11 proceeding when only the debtor-in- possession may file a reorganization plan. This period, as provided for in Section 1121 of the Bankruptcy Code, is the first 120 days from the entry of an order for relief. This period can be extended. The period terminates upon the appointment of a trustee.
Exculpatory Evidence
Evidence indicating that a defendant did not commit the crime.
Executable Property
property of the debtor that is not exempt or otherwise immune from execution, so that it can be subjected to the claims of creditors.
Execution
the enforcement of a judgment by the seizure and sale or nonexempt property of the debtor.
Execution Lien
a judicial lien created in property of the debtor levied upon under a writ of execution.
Executory Contract
contracts for which performance remains due to some extent on both sides. Franchise or license agreements are common executory contracts. Executory contracts are the subject of Bankruptcy Code Section 365. An executory contract may be assumed or rejected.
Exempt
Property that is exempt is not part of the bankruptcy estate and cannot be used to pay the claims of creditors. The debtor can select the property to be exempt from a statutory lists of exemptions prescribed the law of his state. The debtor gets to keep exempt property for use in staring over after bankruptcy.
Exempt assets
Property that a debtor is allowed to retain, free from the claims of creditors who do not have liens on the property.
Exemptions
Exemptions are the lists of the property that is legally beyond the reach of creditors or the bankruptcy trustee. What property may be exempted is determined by state and federal statutes, and varies from state to state.
Ex Parte
an application made to the court without notice or with limited notice to limited parties. Ex parte applications are specifically permitted for various ministerial functions. In other circumstances, a legitimate extraordinary circumstance must exist for the court to consider ex parte relief.
Extension
a contract between a debtor and a creditor or creditors, under which the debtor is allowed an extension of time in which to pay debts.

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