Legal Definitions - expediment

Expediment

In legal terms, an expediment refers to the entire collection of a person's personal property. This encompasses all movable possessions, both tangible items like vehicles, furniture, and personal belongings, and intangible assets such as bank accounts, investments, and intellectual property. It specifically excludes real estate, which refers to land and buildings.

Here are some examples to illustrate this concept:

• Estate Planning: When an individual drafts a will, they are essentially planning for the distribution of their expediment upon their passing. For instance, a will might detail that a person's vintage car collection, their extensive library, their investment portfolio, and all their bank savings should be divided among their heirs. All these items collectively represent their expediment, distinct from any real estate they might own.

  This example shows how an expediment comprises all personal assets, both physical and financial, that are subject to distribution according to a will.

• Bankruptcy Proceedings: If a person declares bankruptcy, a court will assess their expediment to determine what assets can be used to repay creditors. This would include evaluating the value of their personal vehicles, household furnishings, any valuable collectibles, and funds held in various bank accounts or investment vehicles. The court's focus would be on these personal assets, not on any real estate they might possess.

  This illustrates how an expediment is the pool of personal assets that can be liquidated or managed to satisfy debts in a bankruptcy case.

• Legal Judgment Enforcement: Imagine a court issues a judgment against someone who owes a significant amount of money, and that person refuses to pay. The court might then order the seizure of their expediment to satisfy the debt. This could involve taking possession of their luxury watch collection, their boat, their shares in a company, or funds from their checking account. These actions target their personal property, which constitutes their expediment.

  This demonstrates that an expediment represents the personal assets that can be legally seized to fulfill a court-ordered financial obligation.