Definitions T-Z

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Definitions T-Z

***All definitions provided in this section are from "Bankruptcy and Debtor/Creditor, 7th Edition. Brian Blum and Samir Parikh. Wolters Kluwer.***

Title 11- The Bankruptcy Code (11 U.S.C. §§101-1523).

Transfer- Any disposition of property or an interest in property. In the Code, "transfer" is usually used to describe the debtor's transmission of property rights to some other person, resulting in impoverishment of the estate (§101(54)). 

Trustee- A private person appointed by the U.S. Trustee (or elected in some Ch.7 cases) who represents, administers, and distributes the bankruptcy estate (§§321, 322, and 323).

Turnover- The surrender of estate property to the trustee by any person in possession of it (§§542 and 543).

UFCA/UFTA/UVTA- The Uniform Fraudulent Conveyance Act of 1918 and its successors, the Uniform Fraudulent Transfer Act (1984) and the Uniform Voidable Transfers Act (2014), allow a creditor to avoid a disposition of property beyond the reach of execution. Most states have adopted one of these uniform model acts.

Undersecured debt- See Deficiency.

Unfair discrimination- Unjustified differentiation in a plan between clads of comparable rank that should be treated equally.

Uniform Commercial Code (UCC)- A uniform code, adopted in al states except Louisiana, covering sales, negotiable instruments, security interests in personal property, and other commercial transactions.

Unliquidated claim- A claim on which the debtor's liability has arisen, but the amount of which is uncertain and cannot be calculated arithmetically from known data.

Unmatured claim- A claim for a debt that has come into existence but whose date of payment has not yet fallen due.

U.S. Trustee- A federal official, appointed under 28 U.S.C. §581, who is responsible for the appointment and supervision of bankruptcy trustees and for the general oversight of bankruptcy cases.

Venue- The appropriate federal district for the conduct of the bankruptcy case or related proceedings.

Voluntary case- A bankruptcy case initiated by the debtor.

Warrant of attorney- A provision in a contract or instrument of debt, appointing the creditor to act as the debtor's agent in confessing to judgment if the debtor should default.

Wildcard provision- A nickname for §522(d)(5) (or equivalent provisioning a state statute), under which the debtor may apply a general exemption to any property selected up to a prescribed value.

Workout- A negotiated settlement under which the debtor and creditors resolve the debtor's financial difficulties by agreeing to terms of payment. A workout may occur outside of bankruptcy, resulting in a composition and extension, or it may take place in the process of formulating a plan in a bankruptcy case.

Writ- A written order issued pursuant to court authority, requiring the sheriff or some other official to perform an act, such as the levy of execution.

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