Florida Statutes 727.103 – Definitions
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Terms Used In Florida Statutes 727.103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assignee: means a natural person solely in such person's capacity as an assignee for the benefit of creditors under the provisions of this chapter, which assignee shall not be a creditor or an equity security holder or have any interest adverse to the interest of the estate. See Florida Statutes 727.103
- Assignment: means an assignment for the benefit of creditors made under this chapter. See Florida Statutes 727.103
- Assignor: means the person or entity that has executed and delivered the assignment to the assignee. See Florida Statutes 727.103
- Contract: A legal written agreement that becomes binding when signed.
- Court: means the circuit court where the petition is filed in accordance with…. See Florida Statutes 727.103
- Creditor: means any person having a claim against the assignor, whether such claim is contingent, liquidated, unliquidated, or disputed. See Florida Statutes 727.103
- 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. Source: U.S. Courts
- Estate: means all of the assets of the assignor. See Florida Statutes 727.103
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien. See Florida Statutes 727.103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Personal property: All property that is not real property.
- Petition: means the initial document filed with the court, as set forth in…. See Florida Statutes 727.103
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
As used in this chapter, unless the context requires a different meaning, the term:
(1) “Asset” means a legal or equitable interest of the assignor in property, which includes anything that may be the subject of ownership, whether real or personal, tangible or intangible, including claims and causes of action, whether arising by contract or in tort, wherever located, and by whomever held at the date of the assignment, except property exempt by law from forced sale.
(2) “Assignee” means a natural person solely in such person’s capacity as an assignee for the benefit of creditors under the provisions of this chapter, which assignee shall not be a creditor or an equity security holder or have any interest adverse to the interest of the estate.
(3) “Assignor” means the person or entity that has executed and delivered the assignment to the assignee.
(4) “Assignment” means an assignment for the benefit of creditors made under this chapter.
(5) “Claims bar date” means the date that is 120 days after the date on which the petition is filed with the court.
(6) “Consensual lienholder” means a creditor that has been granted a security interest or lien in personal property or real property of the assignor prior to the date on which a petition is filed with the court and whose security interest or lien has been perfected in accordance with applicable law.
(7) “Court” means the circuit court where the petition is filed in accordance with s. 727.104(2).
(8) “Creditor” means any person having a claim against the assignor, whether such claim is contingent, liquidated, unliquidated, or disputed.
(9) “Estate” means all of the assets of the assignor.
(10) “Filing date” means the date upon which the original petition is filed in accordance with s. 727.104(2).
(11) “Lien” means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien.
(12) “Liquidation value” means the value in cash obtainable upon a forced sale of assets after payment of valid liens encumbering said assets.
(13) “Negative notice” means notice as set forth in s. 727.111(4) which, unless a response is filed within 21 days after the date of service thereof, allows certain actions set forth in the notice to occur.
(14) “Petition” means the initial document filed with the court, as set forth in s. 727.104(2), establishing the court’s jurisdiction under this chapter.