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effective date
The date on which an approved chapter 11 plan of reorganization becomes operational; may also be used to describe the operational date of a chapter 13 plan.
election of trustee
in a chapter 7 case, the creditors have the option to elect a trustee, at the meeting of creditors, to replace the interim trustee. For such an election to occur, creditors representing at least 20% of the claims must request a vote and a majority of the creditors voting must approve the candidate. In a chapter 11 case, if a trustee appointment has been ordered by the court, any party in interest may within a certain time request an election to replace the trustee.11 U.S.C. § 702
enabling loan
purchase money security interestBlum, Bankruptcy and Debtor/Creditor (Aspen, 1999).
encumbrance
a mortgage, UCC-1 security agreement, judgment lien, statutory lien, purchase money security interest or other security interest attaching to a particular property
entity
includes person, estate, trust, governmental unit, and United States trustee;Sec. 101. Definitions
entireties property
in certain states, typically real or personal property owned by husband and wife in a form of indivisible co-ownership that upon death of one, survivor takes title to the whole estate.
equity
the value of an asset over and above any encumbrances, such as mortgages, liens or other security interests; the hypothetical net proceeds after sale and payoff of any balance owed and expenses of saleCommon usage. See, "net equity," this dictionary
equity security
means -(A) share in a corporation, whether or not transferable or denominated ''stock'', or similar security;
(B) interest of a limited partner in a limited partnership;
or
(C) warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share, security, or interest of a kind specified in subparagraph (A) or (B) of this paragraph;
Sec. 101. Definitions
equity security holder
means holder of an equity security of the debtor;Sec. 101. Definitions
equitable lien
A lien recognized under principles of equity in the absence of legal lien rightsBlum, Bankruptcy and Debtor/Creditor (Aspen, 1999).
equitable subordination
The demotion of a claim under principles of equity, appropriate where fairness so requires, typically when the claimant has behaved in a dishonest or inequitable manner to othe prejudice of a more junior party.Blum, Bankruptcy and Debtor/Creditor (Aspen, 1999).
equity cushion
The amount of surplus equity in a property, in excess of the lienholder's claim, sufficient to prevent the lienholder's claim from becoming less valuable due to nonpayment of the mortgage or other monthly payment
equity security
A share in a corporation or a limited partner's interest in a partnership
estate
The commencement of a bankruptcy case creates an "estate." The estate technically becomes the temporary legal owner of all of the debtor's property. The estate consists of all legal or equitable interests of the debtor in property as of the commencement of the case, including property owned or held by another person if the debtor has an interest in the property. Generally speaking, the debtor's creditors are paid from nonexempt property of the estate.Public Information Series of the Bankruptcy Judges Division
examiner
A person appointed by the court to investigate the management or conduct of the debtor in Chapter 11.Blum, Bankruptcy And Debtor/Creditor (Aspen 1999).
exception from discharge
a category of debt that is not dischargeable in bankruptcySec. 523; Sec. 507; Sec. 1328
exclusivity period
The period following the filing of a Chapter 11 petition, during which the debtor has the exclusive right to file a plan.Blum, Bankruptcy And Debtor/Creditor (Aspen 1999).
executory contract
a contract in which both parties have duties remaining to be satisfiedCommon usage
exemption, exempt property
category of debtor's property that is not taken from the debtor to satisfy debts; the debtor gets to keep it.Sec. 522
