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creditor's claim |
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creditor's claim n. a claim required to be filed in writing, in a proper form by a person or entity owed money by a debtor who has filed a petition in bankruptcy court (or had a petition filed to declare the debtor bankrupt), or is owed money by a person who has died. Notice of the need to file a creditor's claim in the estates of a person who has died must be printed in a legal advertisement giving notice of death. Then a creditor has only a few months to file the claim, and it must be in a form approved by the courts. (See: claim in bankruptcy, probate) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| the ratio of stock received by all senior creditors to all consideration received by senior creditors) and multiplying that proportion by the fair market value of each senior creditor's claim. In Letter Ruling (TAM) 200449001, the IRS held that a corporation could deduct as a repurchase premium the excess of the fair market value (FMV) of cash, notes and new common stock it transferred to certain creditors, pursuant to a plan of reorganization, over the amount of each creditor's claims. The timely filing of a creditor's claim in the probate administration is a prerequisite to pursuing a lawsuit against the estate and may be excused only in limited circumstances, such as where the decedent was insured and the party suing limits its recovery to the limits of insurance coverage or where a party holding a security interest in property of the decedent expressly waives all recourse to any other estate property for satisfaction of the debt owed. |
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