In the first case the creditor has obtained a grant from the praetor entitling him to take possession of certain property of the debtor in order to secure his loan.
If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgment against the borrower for the remaining amount.
Fearing that he might not get his money, the creditor obtained a judgment that resulted in a public sale of most of the Clinton family possessions.
If the creditor had obtained a judgment at the time of the conveyance, then the creditor will be able to avoid it.
A secured creditor may be allowed to take the applicable collateral if the creditor first obtains permission from the court.
Garnishment is a legal procedure in which a creditor can obtain any of the debtor's property that he can find in the hands of third parties to satisfy the debt.
At least three creditors, including the Internal Revenue Service, obtained judgments against Schroeder or his business totaling more than $200,000, according to court records.
Mr. Armstrong said bankruptcy procedures allowed for other bidders so creditors could obtain the best price for National's assets.
Its largest secured creditor, Bank of America, recovered $5.5 million, while its unsecured creditors obtained marginal recovery.
Another creditor of the shareholder subsequently obtained judgment against him and a charging order on the shares by way of equitable execution.