Terms Used In New York Laws > Limited Liability Company Law > Article 7 - Dissolution

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Summons: Another word for subpoena used by the criminal justice system.
• Trustee: A person or institution holding and administering property in trust.