Welcome to Creditor Guide
Creditor Violations Court Sanctions Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
The Complexity of a Contingent Creditor
from:The word contingent refers to "likely" or "possibly", therefore a contingent creditor would seem to be defined as a creditor with "a creditor event or condition that is likely but not inevitable." But in the credit field, a person is a company's creditor if money is owed to that person. This person has provided some sort of services or goods to that company, or even made financial loans to the company. In fact, someone who works for a company, owed money for unpaid wages and so on, is considered a creditor.
But a contingent creditor is one who may be owed a certain amount of money, if certain events are to occur—such as successfully laying a legal claim against the said company. There are several types of creditors: related, secured, and contingent creditor. To help define the term "contingent creditor," looking at a contingent asset may help as it would have an opposite meaning.
An asset that is contingent is an asset that is potential, associated with a possible or likely gain. This is different from a contingent liability or contingent loss, as the assets and gain that are contingent are not recorded in the company's accounts. In other words, a contingent liability is a potential liability—and a contingent creditor is a potential debt collector. One example used to explain it better was the purchase of a card for a grandchild. Obviously, the car is guaranteed to be paid by the grandparents, signing on the grandchild's first loan as co-signers. If the grandchild pays the loan off on time or even earlier, there will be no liability toward the grandparents. But if the grandchild fails to make the payments, the grandparents will have a liability against them. A contingent creditor is claimed if the company finds the grandparents guilty of non-payment, instead of the grandchild as the loan papers were signed by the grandparents, not the grandchild.
The term contingent creditor refers to a case or situation that may happen, but yet is not finalized in court. Many cases have such situations, such as individual death, loans, banks, loan companies, and so on. A contingent creditor refers to a bank or company who files a lawsuit against a particular company which has a contingent liability or loss contingency. A liability and loss against the company is filed only if the company is found legally guilty of non-payment. If the company is found non-guilty for whatever reason, the contingent liability is not considered an actual liability or loss. Therefore, until a company goes to court, the term contingent creditor plays a big factor on what is owed or needs to be paid by the company in debt.
Creditor Violations Court Sanctions Specific links
Creditor Violations Court Sanctions News
Emporia attorney answers questions - Emporia Gazette
Emporia attorney answers questions Emporia Gazette Once a petition has been filed, each spouse has a vested interest in the property of the other spouse; however, a judgment creditor cannot take the property of the other spouse until the court determines the interest of each spouse. |
Court of Appeals orders Bangko Sentral to reopen Banco Filipino - GMA News
 Malaya | Court of Appeals orders Bangko Sentral to reopen Banco Filipino GMA News "Banco Filipino cannot continue in business without involving probable losses to its depositors and creditors," Espenilla told reporters in a press conference at the central bank. In its Jan. 27 decision, the appellate court said that the Bangko ... Banco Filipino to reopen |
Las Vegas Mob Experience developer hit with two lawsuit judgments - VEGAS INC
Las Vegas Mob Experience developer hit with two lawsuit judgments VEGAS INC "We wholly anticipate the Nevada court will enforce the Trenk Nevada settlement agreement by staying domestication of the New Jersey judgment and assessing sanctions against Trenk for his willful violation of his Nevada settlement agreement (which he ... |
Law Partners and Managers Must Be Active Overseers of Colleagues' Conduct - Bloomberg BNA
Law Partners and Managers Must Be Active Overseers of Colleagues' Conduct Bloomberg BNA Although this rule features a narrow exception for situations involving an “arguable question” of professional duty, courts and disciplinary authorities construe that exception narrowly. This Special Report investigates the contours of these two key ... |
IN RE CLAUDIO - Leagle.com
IN RE CLAUDIO Leagle.com Before the Court is a "Defendant's Motion to Dismiss Plaintiff's Complaint" (the "Motion to Dismiss") filed by defendant LVNV Funding, LLC ("LVNV") in this adversary proceeding and a "Debtor's Motion for Sanctions: LVNV Funding, LLC" (the "Sanctions ... |