In Switzerland voidable preferences consist in the grant, without prior obligation to that effect, of security interests for existing debts; satisfaction of debts by other than usual means of payment; or premature payment of debts, if the respective acts were committed within six months prior to the adjudication, while the debtor was insolvent.
It then voted to follow through on a plan under which new stock valued at 2.9 trillion won ($2.23 billion) would be issued -- slightly less than half to be granted to creditors in satisfaction of debts and the rest to be used in a convertible bond and rights offering.
"To accomplish strict foreclosure, the secured party must send a written proposal to retain the collateral in satisfaction of the debt".
The English common law early recognized the creditor's possessory lien, a right of a creditor to retain possession of a debtor's goods until the satisfaction of the debt, generally the payment of the purchase price.
In 1772, Watt's partner, Dr. John Roebuck, ran into financial difficulties, and Boulton, to whom he owed £1,200, accepted his two-thirds share in Watt's patent as satisfaction of the debt.
Alan Perriton, the General Motors executive in charge of new alliances in the Asia-Pacific region, said G.M. wanted controlling stakes in Daewoo Motor and its affiliates, but left open the possibility that the creditors would be given as much as 49percentt of equity in partial satisfaction of Daewoo's debts.
His creditors obtained a deficiency judgment for the unpaid portion of his debt after the foreclosure, and, following his death, forced the sale of some of his furniture and parts of his personal library in partial satisfaction of his remaining debts.
Seizure of property was common in ancient societies as a means of obtaining satisfaction for crime, breach of contract, nonpayment of debt, or any other offense or injury.
Before 1999, American banks were prohibited from acquiring equity ownership of commercial companies, with certain minor exceptions (such as holding less than 5percentt of a voting stock class of any company or taking equity in satisfaction of a defaulted borrower's debt).
Salvation is conceived not in terms of satisfaction of divine justice through paying the debt for the sin of Adam, as the medieval West understood it but in terms of uniting the human and the divine, with the divine overcoming human mortality and weakness and, finally, exalting man to divine life.
Lien, in property law, claim or charge upon property securing the payment of some debt or the satisfaction of some obligation or duty.
