12:29
thanks shaq! i just needed some input from people who are looking from the outside in
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Simple English definitions for legal terms
Statute of Elizabeth
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A quick definition of Statute of Elizabeth:
Statute of Elizabeth: A law made in 1705 that helps protect people who lend money to others. It says that if someone owes money to another person and tries to give away their things or money to avoid paying back the debt, that action is not allowed. This law helps make sure that people who lend money are treated fairly and can get their money back if someone tries to cheat them.
A more thorough explanation:
Definition: The Statute of Elizabeth was a law passed in 1571 in England that aimed to prevent fraudulent conveyances made by debtors to avoid paying their creditors. It was also known as the Bankrupts Act of 1705, which contained similar provisions against such actions.
Example: If a person owes money to their creditors and they transfer their assets to a family member or friend for little or no money, this could be considered a fraudulent conveyance under the Statute of Elizabeth. The law allows creditors to challenge such transfers and recover the assets to pay off the debts owed to them.
Explanation: The Statute of Elizabeth was designed to protect creditors from debtors who tried to avoid paying their debts by transferring their assets to others. The law allows creditors to challenge such transfers and recover the assets to pay off the debts owed to them. This ensures that creditors are not left empty-handed and that debtors cannot cheat their way out of paying their debts.