18:25
think it is safe to say it aint happenin today\
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Simple English definitions for legal terms
act and warrant
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A quick definition of act and warrant:
Act and Warrant: In Scottish law, an act and warrant is a document issued by a sheriff that appoints a trustee to manage the assets of a bankrupt individual. This document gives the trustee the legal authority to take control of the bankrupt person's estate and manage it for the benefit of creditors. Essentially, it is a court order that allows the trustee to act on behalf of the court and the creditors to ensure that the bankruptcy process is carried out fairly and efficiently.
A more thorough explanation:
Definition: In Scots law, act and warrant refers to a sheriff's order that appoints a trustee in bankruptcy. This order allows the trustee to assume office and become vested with the bankruptcy estate.
Example: If a person files for bankruptcy in Scotland, the sheriff may issue an act and warrant to appoint a trustee to manage the bankruptcy estate. The trustee will then have the legal authority to take control of the debtor's assets and distribute them among the creditors.
Explanation: The act and warrant is a legal document that gives the trustee the power to act on behalf of the debtor in bankruptcy proceedings. It is an important tool for ensuring that the bankruptcy process is carried out fairly and efficiently. Without the act and warrant, the trustee would not have the legal authority to manage the debtor's assets or distribute them among the creditors.