Law Dictionary Definitions

  banns of matrimony.Family law. Public notice of an intended marriage. • The notice is given to ensure that objections to the marriage would be voiced before the wedding. Banns are still common in many churches. — Also spelled bans of matrimony. — Also termed banns of marriage. [Cases: Marriage  24.] “A minister is not…

bann,n.[Law Latin] Hist. 1.The power of a court to issue an edict, esp. one relating to the public peace. 2. The edict itself. — Also termed bannum. “An essential attribute of judicial power in the later periods is the bann, the right to command and forbid. Etymologically, bann comes from a root signifying loud speech.…

bank-statement rule.Commercial law. The principle that if a bank customer fails to examine a bank statement and any items returned with it, and report to the bank within a reasonable time any unauthorized payments because of a material alteration or forgery, the customer may be precluded from complaining about the alteration or forgery. UCC §…

bank statement.See STATEMENT OF ACCOUNT(1). [Blacks Law 8th]

Bank Secrecy Act.A federal statute that requires banks and other financial institutions to maintain records of customers’ transactions and to report certain domestic and foreign transactions. • This act, passed by Congress in 1970, is designed to help the federal government in criminal, tax, and other regulatory investigations. 12 USCA § 1829b; 31 USCA §…

bankruptcy-remote entity.A business entity formed in a manner designed to minimize the risk of becoming a debtor in a bankruptcy case. • The entity’s organizational charter usu. requires at least one independent director to be appointed, as well as a unanimous vote by the entity’s directors, before a bankruptcy petition may be filed. The business…

bankruptcy proceeding. 1.BANKRUPTCY(1).2. Any judicial or procedural action (such as a hearing) related to a bankruptcy. [Cases: Bankruptcy  2156.C.J.S. Bankruptcy § 26.][Blacks Law 8th]

bankruptcy law. 1.INSOLVENCY LAW. 2. Traditionally, a statute that provides some relief and protection to an insolvent debtor or to the debtor’s creditors. Cf. INSOLVENCY LAW. 3.BANKRUPTCY(2). BANKRUPTCY PLAN bankruptcy plan.A detailed program of action formulated by a debtor or its creditors to govern the debtor’s rehabilitation, continued operation or liquidation, and payment of debts.…

bankruptcy fraud.See FRAUD.[Blacks Law 8th]

bankruptcy estate.A debtor’s legal and equitable interests in property at the beginning of a bankruptcy case where the property is subject to administration. See 11 USCA § 541. [Cases: Bankruptcy  2491–2559.C.J.S. Bankruptcy §§ 105–109, 111, 113–120, 122–124, 126, 128.][Blacks Law 8th]