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The Florida Senate

2005 Florida Statutes

Section 727.103, Florida Statutes 2005

727.103  Definitions.--As used in this chapter, unless the context requires a different meaning, the term:

(1)  "Asset" means a legal or equitable interest of the assignor in property, which shall include anything that may be the subject of ownership, whether real or personal, tangible or intangible, wherever located and by whomever held at the date of the assignment, except property exempt by law from forced sale.

(2)  "Assignee" means an assignee for the benefit of creditors under the provisions of this chapter, which assignee shall not be a creditor or an equity security holder or have any interest adverse to the interest of the estate.

(3)  "Assignor" means the person or entity which has executed and delivered the assignment to the assignee.

(4)  "Assignment" means an assignment for the benefit of creditors made under this chapter.

(5)  "Court" means the circuit court where the petition is filed in accordance with s. 727.104(2).

(6)  "Creditor" means any person having a claim against the assignor, whether such claim is contingent, liquidated, unliquidated, or disputed.

(7)  "Estate" means all of the assets of the assignor.

(8)  "Filing date" means the date upon which the original petition is filed in accordance with s. 727.104(2).

(9)  "Lien" means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien.

(10)  "Liquidation value" means the value in cash obtainable upon a forced sale of assets after payment of valid liens encumbering said assets.

(11)  "Petition" means the initial document filed with the court, as set forth in s. 727.104(2), establishing the court's jurisdiction under this chapter.

History.--s. 3, ch. 87-174; s. 1, ch. 89-54.