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LSDefine

Simple English definitions for legal terms

preferential transfer

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A quick definition of preferential transfer:

A preferential transfer is when a person who owes money to many people gives more money or property to one of those people before they declare bankruptcy. This is not fair to the other people who are owed money. If this happens, the person in charge of the bankruptcy can take back the extra money or property and give it to everyone equally. This is called a voidable preference or preferential assignment.

A more thorough explanation:

A preferential transfer is a transfer made by an insolvent debtor to a creditor before filing for bankruptcy. This transfer allows the creditor to receive more than their fair share of the debtor's assets. For example, if a debtor owes money to multiple creditors but pays off one creditor before filing for bankruptcy, that payment is considered a preferential transfer.

However, if the transfer occurs no more than 90 days before the bankruptcy petition is filed or within one year if the creditor is an insider, the bankruptcy trustee may recover the preferential transfer for the benefit of the bankruptcy estate. This is because the transfer gives the creditor an unfair advantage over other creditors.

For instance, if a debtor sells a valuable piece of property to a family member for less than its market value and then files for bankruptcy, the bankruptcy trustee can recover the property from the family member and distribute it among all the creditors equally.

preferential tariff | preferential union shop

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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