In Bankruptcy definition

In Bankruptcy. A Mortgage Loan as to which the related Mortgagor has sought relief under or has otherwise been subjected to the federal bankruptcy laws or any other similar laws of general application for the relief of debtors through the institution of appropriate proceedings, and such proceedings are continuing, but excluding any Mortgage Loan as to which the related Mortgagor is current under a bankruptcy plan. In Foreclosure: A Mortgage Loan as to which the first action necessary to be taken to commence proceedings in Foreclosure has been taken, and such proceedings are continuing.
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In Bankruptcy means with respect to a Mortgage Loan that the related Mortgagor has sought relief under or has otherwise been subjected to the federal bankruptcy laws or any other similar laws of general application for the relief of debtors through the institution of appropriate Proceedings, and such Proceedings are continuing, and shall continue until the related Mortgaged Property is released from the jurisdiction of the bankruptcy or other court in which the matter is pending, regardless of whether such Proceeding is dismissed, finally concluded, or otherwise. The term "IN FORECLOSURE" shall mean, as to any Mortgage Loan, that the first action necessary to be taken to commence Proceedings in foreclosure or a sale under power of sale under the law of the state wherein the Mortgage is to be enforced, has been taken, and such Proceedings are continuing, or should have been taken in accordance with applicable Investor standards. The term "IN LITIGATION" shall mean a legal action in foreclosure of a Mortgage Loan, or for a deficiency thereunder, in which the sale of the Mortgaged Property in foreclosure (whether by action, power of sale, or otherwise) has been delayed by reason of the defense of such action by the Mortgagor, or any other action commenced or pending which involves the Mortgage Loan. The term "REO
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In Bankruptcy means a Mortgage Loan with respect to which the Mortgagor (i) has made an assignment for the benefit of creditors or petitioned or applied to any tribunal for the appointment of a custodian, receiver or trustee for a substantial part of its assets, (ii) has commenced any proceedings under any bankruptcy, reorganization, readjustment of debt, dissolution or liquidation law or statute or similar law of any jurisdiction, whether now or hereafter in effect, or (iii) has pending against it any such petition, application or proceeding.
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Examples of In Bankruptcy in a sentence

  • SG's Guidelines For Direct Certified Appeals In Bankruptcy Cases 102.

  • Creditor's Claims in Bankruptcy Proceedings -- The Debtor-Creditor Relationship In Bankruptcy -- Allowance and Payment of Claims 65.

  • The "Who, What, When, Where, Why, And How" Of Appeals In Bankruptcy Proceedings -- Generally 97.

  • In Bankruptcy Proceedings, a creditor may exercise rights of set-off at any point, whereas rights of set-off will be stayed in Rehabilitation Proceedings from the expiry of the claim-filing period.

  • Official Trustee In Bankruptcy (1996) 71 FCR 418 where the Federal Court said at 422 that 'whilst "substantial", when it appears alone, might refer to a contribution of significance, here it derives its meaning from "the whole", the expression which it qualifies'.

  • Gerson, Another Look at Treatment and Use of Class Proofs of Claim and Class Actions In Bankruptcy, 27 AM.

  • Otero, Jurisdictional Uncertainties Complicate Debtor Class Actions In Bankruptcy Court, N.

  • Mcintosh, Trustee In Bankruptcy, Estate of Bountiful Materials & Construction Company, Inc., B-446-65 v.

  • Total Delinquent 1-180 days(a) In Bankruptcy (b) In Appeal(c) At Department of Justice(d) Referred for Cross Servicing(e) Other Status 4.

  • The "Who, What, When, Where, Why, And How" Of Appeals In Bankruptcy Proceedings -- Generally up 99.

Related to In Bankruptcy

  • Debtor in bankruptcy means a person that is the subject of:

  • Involuntary Bankruptcy means, with respect to any Person, without the consent or acquiescence of such Person, the entering of an order for relief or approving a petition for relief or reorganization or any other petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition against such Person which order or petition shall not be dismissed within 90 days or, without the consent or acquiescence of such Person, the entering of an order appointing a trustee, custodian, receiver or liquidator of such Person or of all or any substantial part of the property of such Person which order shall not be dismissed within 90 days.

  • Voluntary Bankruptcy means, with respect to any Person, (a) an admission in writing by such Person of its inability to pay its debts generally or a general assignment by such Person for the benefit of creditors, (b) the filing of any petition or answer by such Person seeking to adjudicate it bankrupt or insolvent or seeking for itself any liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of such Person or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking, consenting to or acquiescing in the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for such Person or for any substantial part of its property, or (c) corporate action taken by such Person to authorize any of the actions set forth above; and

  • U.S. Bankruptcy Code means Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

  • Bankruptcy means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1) and 18-304 of the Act.

  • Chapter 11 means Chapter 11 of the Bankruptcy Code.

  • Bankrupt means with respect to any entity, such entity that (a) files a petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy, insolvency, reorganization or similar Law, or has any such petition filed or commenced against it and such case filed against it is not dismissed in ninety (90) days, (b) makes an assignment or any general arrangement for the benefit of creditors, (c) otherwise becomes bankrupt or insolvent (however evidenced), (d) has a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets, or (e) is generally unable to pay its debts as they fall due.

  • Receivership means a proceeding in which a receiver is appointed.

  • United States Bankruptcy Code means the Bankruptcy Reform Act of 1978, as amended and as codified in Title 11 of the United States Code, as amended from time to time hereafter, or any successor federal bankruptcy law.

  • Insolvency with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

  • Write-in ballot means a ballot containing any write-in votes.

  • Bankruptcy Act means the Bankruptcy Act or Title 11 of the United States Code.

  • Excess Bankruptcy Loss Any Bankruptcy Loss, or portion thereof, which exceeds the then applicable Bankruptcy Amount.

  • Bankruptcy Proceeding means, with respect to any Person, a general assignment by such Person for the benefit of its creditors, or the institution by or against such Person of any proceeding seeking relief as debtor, or seeking to adjudicate such Person as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment or composition of such Person or its debts, under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for such Person or for any substantial part of its property.

  • Federal Bankruptcy Act means the Bankruptcy Act or Title 11 of the United States Code.

  • Conservator means a person who is appointed by a court to manage the estate of a protected person.

  • Federal Bankruptcy Code means the Bankruptcy Act of Title 11 of the United States Code, as amended from time to time.

  • Receivership court means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer.

  • Liquidator means one or more Persons selected by the General Partner to perform the functions described in Section 12.4 as liquidating trustee of the Partnership within the meaning of the Delaware Act.

  • Bankruptcy Party has the meaning assigned in Section 9.7.

  • Bankruptcy Custodian means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. The Trustee shall not be deemed to know or have notice of a Default unless a Trust Officer at the Corporate Trust Office of the Trustee receives written notice at the Corporate Trust Office of the Trustee of that Default with specific reference to that Default. When a Default is cured, it ceases. Notwithstanding the foregoing provisions of this Section 6.01, if the principal of, premium (if any) or interest on or Additional Amounts with respect to any Security is payable in a currency or currencies (including a composite currency) other than Dollars and such currency or currencies are not available to the Company for making payment thereof due to the imposition of exchange controls or other circumstances beyond the control of the Company (a "Conversion Event"), the Company will be entitled to satisfy its obligations to Holders of the Securities by making that payment in Dollars in an amount equal to the Dollar equivalent of the amount payable in such other currency, as determined by the Company by reference to the Exchange Rate on the date of that payment, or, if that rate is not then available, on the basis of the most recently available Exchange Rate. Notwithstanding the foregoing provisions of this Section 6.01, any payment made under such circumstances in Dollars where the required payment is in a currency other than Dollars will not constitute an Event of Default under this Indenture.

  • Local Bankruptcy Rules means the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware.

  • Bankruptcy Laws has the meaning specified in Section 10.9.

  • Curator means any person who is authorized to act under letters of curatorship granted or signed and sealed by a Master, or under an endorsement made under section seventy-two;

  • Bankruptcy Amount As of any date of determination prior to the first anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A) $100,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05

  • U.S. Bankruptcy Court means the United States Bankruptcy Court for the District of Delaware.