Glossary
ASSETS:
All of an entity's valuable resources and possessions, including cash, real property, debts owed to them, etc.
ASSIGNEE:
An entity to whom the rights of another entity under an agreement are transferred.
ASSIGNMENT:
The transfer of one entity's rights (the "assignor") under an agreement to another (the "assignee"). This can include the sale of a debt from a creditor to another entity.
ASSIGNMENT FOR THE BENEFIT OF CREDITORS:
A voluntary transfer, by an insolvent debtor, of all property and assets to a neutral third party. The assets are then liquidated and distributed to creditors based on priority. It is, in essence, an informal voluntary bankruptcy.
ASSIGNOR:
An entity who transfers their rights under an agreement to another entity.
ATTACHMENT:
The legal seizure of assets by an officer of the court pursuant to a judgment or court order.
BANKRUPTCY:
The formal process of an entity either to (1) reorganize their debts and pay creditors over a period of time, or (2) turn over their assets to be administered by a trustee and be released from any further liability to their creditors. The three most common types of bankruptcy (named for the part of the Federal Bankruptcy Code where they are found) are:
BILL OF LADING:
A receipt and contract issued by a common carrier for the shipment of goods.
BREACH:
The failure to act as required by an agreement, such as the failure to pay.
BRIEF:
A detailed written argument filed with and at the request of the court. Generally, a brief sets for the issues before the court, the relevant facts, the relevant law, and argument applying the law to the facts of the case. Briefs are required in an appeal.