public order or public policy CHAPTER 1. – GENERAL PROVISIONS See Arts. 1156 - 1162 ELEMENTS OF AN OBLIGATION: 1. Active subject (obligee/creditor): one in whose favor the obligation is constituted 2. Passive subject (obligor/debtor): one who has the duty of giving‚ doing or not doing 3. Object: prestation; the conduct which has to be observed by the debtor/obligor REQUISITES 1. it must be licit (otherwise it is void) 2. it must be possible‚ physically and juridically (otherwise it is void) 3. it
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LAW ON OBLIGATIONS AND CONTRACTS* I. Introduction A. Law - from the Latin word “lex” which is derived from the verb “Ligare” meaning “to bind” - a rule of conduct‚ just and obligatory promulgated by legitimate authority for the common observance and benefit (as defined by Sanchez Roman‚ a Spanish Civilist) B. Sources of Law 1. Legislative- Congress 2. Constitution- supreme law of the land 3. Administrative or Executive Orders‚ Regulations and Rulings-
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& 15) which can be utilized under the Bankruptcy Code for protection‚ reorganization and Liquidation. Pay particular attention to who can be a debtor in each of those chapters. Chapter 7 – provides for liquidation proceedings or the selling of all nonexempt assets and the distribution of the proceeds to the debtor’s creditors. Who Can Be a Debtor – Any “person” (including partnerships‚ corporations‚ and municipalities) except railroads‚ insurance companies‚ banks‚ savings and loan institutions
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after its parent company declared "bankruptcy" (strictly‚ put into administration) in the United Kingdom Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions‚ bankruptcy is imposed by a court order‚ often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or other entity may have‚ and the term bankruptcy is therefore not a synonym for insolvency. In some countries‚ including the United
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or Possession offered as security for a debt so that the debt will be taken from them in case the debtor fails to pay back the due money. Rahn is classified as a contract under the category contract of security or contracts pertaining to authentication The purpose of Rahn is to convince the creditor that the debt will not simply disappear or vanish in case of default payment on part of the debtor. The verse begins with {And as for those who have attained to faith and whose offspring will have
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Conditions on which creditor may petition. Proceedings and order on creditor’s petition. Debtor’s petition and order thereon. Effect of receiving order. Power to appoint interim receiver. Power to stay pending proceedings. Power to appoint special manager. Advertisement of receiving order. Proceedings Consequent on Order 14. 15. 16. First meeting of creditors. Meetings to be governed by rules. Debtor’s statement of affairs. Public Examination of the Debtor 17. Public examination
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matters of interest of the estate and creditors. The mission of the office is to “protect and preserve the integrity of the banking system” (Fraud Examiners
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necessity – in case of non-compliance‚ the courts of justice may be called upon by the aggrieved party to enforce its fulfilment or‚ in default thereof‚ the economic value that it represents. Civil obligations – are obligations which give to the creditor or obligee a right under the law to enforce their performance in courts of justice. Natural obligations – are obligations not being based on positive law but on equity and natural law. Essential requisites of an obligation: 1. Passive subject
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Chapter 16 Creditor-Debtor Relations and Bankruptcy N.B.: TYPE indicates that a question is new‚ modified‚ or unchanged‚ as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. true/false questions 1. With a mechanic’s lien‚ real estate becomes security for a debt. answer: T PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 2. A writ of
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and asceticism. In short; guilt arises out of the relationship between the creditor and debtor and is a guise for the desire to inflict pain. In being a creditor you have power and can inflict pain upon a debtor in compensation for failure to repay a credit. So‚ people have the desire to be creditors and thus have power‚ with which they can inflict cruelty and thus feel this power which they possess. Hence‚ the creditor-debtor relationship goes far beyond the generation of guilt‚ but is crucial in the
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