In law, sequestration is the act of removing, separating, or seizing anything from the possession of its owner under process of law for the benefit of creditors or the state. [1]
In law, sequestration is the act of removing, separating, or seizing anything from the possession of its owner under process of law for the benefit of creditors or the state. [1]
The Latin sequestrare, to set aside or surrender, a late use, is derived from sequester, a depositary or trustee, one in whose hands a thing in dispute was placed until the dispute was settled; this was a term of Roman jurisprudence (cf. Digest L. 16,110). By derivation it must be connected with sequi, to follow; possibly the development in meaning may be follower, attendant, intermediary, hence trustee. In English "sequestered" means merely secluded, withdrawn. [1]
In law, the term "sequestration" has many applications; thus it is applied to the act of a belligerent power which seizes the debts due from its own subject to the enemy power; to a writ directed to persons, "sequestrators", to enter on the property of the defendant and seize the goods. [1]
There are also two specific and slightly different usages in term of the Church of England; to the action of taking profits of a benefice to satisfy the creditors of the incumbent; to the action of ensuring church and parsonage premises are in good order in readiness for a new incumbent and the legal paperwork to ensure this. [1]
As the goods of the Church cannot be touched by a lay hand, the writ is issued to the bishop, and the bishop issues the sequestration order to the church wardens who collect the profits and satisfy the demand. Similarly when a benefice is vacant the church wardens take out sequestration under the seal of the Ordinary and manage the profits for the next incumbent. [1]
In Scots law, bankruptcy is known as sequestration and sequestration allows a trustee-in-sequestration to take over a sequestrated individual's estate by order of the local Sheriff Court for the benefit of the creditors' unpaid debts. [1]
The Assets Recovery Agency (ARA) was established in the United Kingdom under the Proceeds of Crime Act 2002 to reduce crime by sequestering the proceeds of crime; its powers include civil recovery through the High Court. [2] The ARA was later merged with the Serious Organised Crime Agency. [3]
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
In English history, praemunire or praemunire facias was the assertion or maintenance of papal jurisdiction, or any other foreign jurisdiction or claim of supremacy in England, against the supremacy of the monarch. The 14th-century law prohibiting this was enforced by the writ of praemunire facias, a writ of summons from which the law takes its name.
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee and the person who has the benefit of the lien is referred to as the lienor or lien holder.
Confiscation is a legal form of seizure by a government or other public authority. The word is also used, popularly, of spoliation under legal forms, or of any seizure of property as punishment or in enforcement of the law.
A benefice or living is a reward received in exchange for services rendered and as a retainer for future services. The Roman Empire used the Latin term beneficium as a benefit to an individual from the Empire for services rendered. Its use was adopted by the Western Church in the Carolingian era as a benefit bestowed by the crown or church officials. A benefice specifically from a church is called a precaria, such as a stipend, and one from a monarch or nobleman is usually called a fief. A benefice is distinct from an allod, in that an allod is property owned outright, not bestowed by a higher authority.
The Assets Recovery Agency (ARA) was a non-ministerial government department in the United Kingdom. It was established under the Proceeds of Crime Act 2002 (POCA) to reduce crime by confiscating the proceeds of any crime. It was granted a new power of civil recovery through the High Court, and could also take over the powers of the HM Revenue and Customs (HMRC) to levy tax without identifying a source for taxed income.
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
Hypothec, sometimes tacit hypothec, is a term used in civil law systems or to refer to a registered real security of a creditor over real estate, but under some jurisdictions it may additionally cover ships only, as opposed to other collaterals, including corporeal movables other than ships, securities or intangible assets such intellectual property rights, covered by a different type of right (pledge). Common law has two main equivalents to the term: mortgages and non-possessory lien.
Distraint or distress is "the seizure of someone’s property in order to obtain payment of rent or other money owed", especially in common law countries. Distraint is the act or process "whereby a person, traditionally even without prior court approval, seizes the personal property of another located upon the distrainor's land in satisfaction of a claim, as a pledge for performance of a duty, or in reparation of an injury." Distraint typically involves the seizure of goods (chattels) belonging to the tenant by the landlord to sell the goods for the payment of the rent. In the past, distress was often carried out without court approval. Today, some kind of court action is usually required, the main exception being certain tax authorities – such as HM Revenue and Customs in the United Kingdom and the Internal Revenue Service in the United States – and other agencies that retain the legal power to levy assets without a court order.
Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. Historically, debtors could face debt slavery, debtor's prison, or coercive collection methods. In the 21st century in many countries, legislation regulates debt collectors, and limits harassment and practices deemed unfair.
A fieri facias, usually abbreviated fi. fa., is a writ of execution after judgment obtained in a legal action for debt or damages for the sheriff to levy on goods of the judgment debtor.
Bankruptcy in the United Kingdom is divided into separate local regimes for England and Wales, for Northern Ireland, and for Scotland. There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media.
Asset forfeiture or asset seizure is a form of confiscation of assets by the authorities. In the United States, it is a type of criminal-justice financial obligation. It typically applies to the alleged proceeds or instruments of crime. This applies, but is not limited, to terrorist activities, drug-related crimes, and other criminal and even civil offenses. Some jurisdictions specifically use the term "confiscation" instead of forfeiture. The alleged purpose of asset forfeiture is to disrupt criminal activity by confiscating assets that potentially could have been beneficial to the individual or organization. Asset forfeiture was found to generally increase with the percentage of the assets retained depending on electoral incentives.
An undervalue transaction is a transaction entered into by a company who subsequently goes into bankruptcy which the court orders be set aside, usually upon the application of a liquidator for the benefit of the debtor's creditors. This can occur where the transaction was seriously disadvantageous to the company and the company was insolvent or in immediate risk of becoming insolvent.
Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets.
Diligence is a term in Scots Law with no single definition, but is commonly used to describe debt collection and debt recovery proceedings against a debtor by a creditor in Scottish courts. The law of diligence is part of the law of actions in Scots private law. Accordingly, it is within the devolved competence of the Scottish Parliament.
The collection of judgments in Virginia may be accomplished under a number of routes provided under Virginia law, depending on the amount of the judgment and the particular assets that the judgment creditor wishes to pursue.
Insolvency in South African law refers to a status of diminished legal capacity imposed by the courts on persons who are unable to pay their debts, or whose liabilities exceed their assets. The insolvent's diminished legal capacity entails deprivation of certain of his important legal capacities and rights, in the interests of protecting other persons, primarily the general body of existing creditors, but also prospective creditors. Insolvency is also of benefit to the insolvent, in that it grants him relief in certain respects.
Inhibition, as an English legal term, particularly used in ecclesiastical law, is an act of restraint or prohibition, for a writ from a superior to an inferior court, suspending proceedings in a case under appeal, also for the suspension of a jurisdiction of a bishop's court on the visitation of an archbishop, and for that of an archdeacon on the visitation of a bishop. It is more particularly applied to a form of ecclesiastical censure, suspending an offending clergyman from the performance of any religious service, or other spiritual duty, for the purpose of enforcing obedience to a monition or order of the bishop or judge. Such inhibitions are at the discretion of the ordinary if he considers that scandal might arise from the performance of spiritual duties by the offender.
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