General Creditor


Also found in: Financial.

General Creditor

An individual to whom money is due from a debtor, but whose debt is not secured by property of the debtor. One to whom property has not been pledged to satisfy a debt in the event of nonpayment by the individual owing the money.

References in periodicals archive ?
The lawyers representing the railroad (including the same partner from the precursor to Davis Polk who defended the reorganization plan in Paton) urged that the general creditor had not been harmed by the reorganization, as the assets were insufficient to pay the senior creditors in full.
This case requires us to answer a question of first impression in this circuit - a question involving the relative priority, as between the government and a general creditor, with respect to claims relating to assets forfeited as the proceeds of criminal activity," Selya wrote.
The rehabilitation team has given claims secured by MEWA assets top priority, the remaining provider claims second priority, some federal government claims third priority, and general creditor claims fourth priority, Farmer says.
Additionally, if Bank forecloses and sells LuxuryOne, any other general creditor might later argue that the sale was a fraudulent transfer.
Continue to treat claims arising from repurchase and reverse repurchase agreements as general creditor claims.
An estimated $27 million of the settlement money will come from two general creditor claims, officials said.
I would have the FDIC declare that we are in a financial emergency and during this period of crisis, the FDIC will not allow any general creditor of a bank to suffer a loss when the bank fails.
A valid substantial risk of forfeiture (SROF) for Section 451, therefore, was represented by the general creditor risk of Rev.
It usually hires an attorney or accountant to assist it in these efforts and these professionals and the committee members are made privy to information not otherwise made available to the general creditor body.
If the solvent counterparty is a net creditor, the solvent counterparty becomes a general creditor for the net amount.
Whether the creditor is asserting rights as a general creditor, insolvency creditor, or bankruptcy creditor, ERISA's and-alienation protections are extensive.
Obviously, the foregoing represents a scenario no general creditor desires to be caught up in.

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