New York Laws > Debtor and Creditor > Article 6-A – Right of Set Off Against Unmatured Debts
Current as of: 2023 | Check for updates
|
Other versions
§ 151 | Right of set off against unmatured debts |
Terms Used In New York Laws > Debtor and Creditor > Article 6-A - Right of Set Off Against Unmatured Debts
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Statute: A law passed by a legislature.
- Subpoena: A command to a witness to appear and give testimony.
- Trustee: A person or institution holding and administering property in trust.