windyMagician
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LSDefine
Simple English definitions for legal terms
attaching creditor
Read a random definition: statutory right of redemption
A quick definition of attaching creditor:
An attaching creditor is someone who is owed money by another person or entity. They can take legal action to seize the debtor's property as collateral until the debt is paid. This type of creditor is different from others because they have already taken steps to collect the debt, such as obtaining a court order to seize property.A more thorough explanation:
Definition: An attaching creditor is a creditor who has caused an attachment to be issued and levied on the debtor's property. They are a person or entity with a definite claim against another, especially a claim that is capable of adjustment and liquidation.
Example: If a person owes money to a creditor and fails to pay, the creditor can go to court and get an attachment order. This order allows the creditor to seize the debtor's property to satisfy the debt. The creditor in this case is an attaching creditor.
The example illustrates how an attaching creditor can take legal action to recover the money owed to them by the debtor. They can use the attachment order to seize the debtor's property and sell it to recover the debt.