New York Laws > Debtor and Creditor > Article 6-A – Right of Set Off Against Unmatured Debts
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Terms Used In New York Laws > Debtor and Creditor > Article 6-A - Right of Set Off Against Unmatured Debts
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- 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.
- 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.