13:57
definitely not ambitious at all. this cycle's turning out to be as slow as the last one probably due to high app volume
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LSDefine
Simple English definitions for legal terms
trustee process
Read a random definition: propter rem ipsam non habitam
A quick definition of trustee process:
Trustee process is a legal process where a third party takes a debtor's property instead of the creditor. This is also known as factorizing process or garnishment. In some places, the third party is called a factor.
A more thorough explanation:
Trustee process, also known as factorizing process, is a legal procedure where a third party seizes a debtor's property instead of the creditor. This process is similar to garnishment.
For example, if a person owes money to a creditor, the creditor can use trustee process to seize the debtor's property, such as their bank account or wages, to pay off the debt. The third party, known as the trustee, will hold the property until the debt is paid off.
Another example is if a company owes money to a supplier, the supplier can use trustee process to seize the company's assets to pay off the debt.
Trustee process is a way for creditors to collect debts without having to go through the court system. However, it is important to note that there are legal requirements and limitations to this process.