18:51
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LSDefine
Simple English definitions for legal terms
frozen asset
Read a random definition: note verbal
A quick definition of frozen asset:
A frozen asset is something that someone owns and has value, but they can't use or sell it right away because of a court order or other legal process. It's like having money in a piggy bank that you can't open until someone says it's okay.
A more thorough explanation:
Definition: A frozen asset is an item that has value but is difficult to convert into cash due to a court order or legal process.
- A bank account that has been frozen by a court order.
- A property that has a lien on it, making it difficult to sell.
- A business that has been seized by the government, making it impossible to access its assets.
These examples illustrate how a frozen asset can be a valuable item that is temporarily inaccessible due to legal restrictions. This can be a problem for individuals or businesses that need to access their assets to pay bills or debts.