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Simple English definitions for legal terms
exécution parée
Read a random definition: Dodd-Frank: Title VI - Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions
A quick definition of exécution parée:
Term: EXÉCUTION PARÉE
Definition: Exécution parée is a legal right in French law that allows a creditor to seize and sell a debtor's property without the need for a court summons or citation. This right is based on an act that has been approved and verified by a notary. The proceeds from the sale are used to pay off the debt owed by the debtor.
A more thorough explanation:
EXÉCUTION PARÉE
Exécution parée is a legal term in French law. It refers to a right that a creditor has, which is based on an act that has been approved and verified by a notary. This right allows the creditor to immediately seize and sell the debtor's property without any citation or summons. The proceeds from the sale can be kept by the creditor to pay off the debt owed.
For example, if a person owes money to a creditor and has not paid it back, the creditor can use exécution parée to seize and sell the debtor's property to recover the money owed. This can include things like a car, a house, or other valuable possessions.
Another example would be if a business owes money to a supplier and has not paid it back. The supplier can use exécution parée to seize and sell the business's assets to recover the money owed.
These examples illustrate how exécution parée can be used by creditors to recover money owed to them without having to go through a lengthy legal process.