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Texas Bankruptcy - Terms & Definitions

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Net Result Rule
an exception to the avoidance of transfers under §547(c)(4), which validates an otherwise avoidable transfer to the extent that the creditor-transferee gave new unsecured value to the debtor after receiving the transfer.
New Value
the providing of new consideration in a transaction between a debtor and creditor. An avoidable preference will generally not exist where a transaction occurs for new value. This definition is unique to avoidable preferences.
New Value Exception
an exception (or corollary) to the absolute priority rule that enables equity holders to retain their interests in the debtor, even though a senior non-accepting class has not been paid in full, if the equity holders contribute new capital to the debtor equal to or greater than the value of their interests.
No Asset Case
A Chapter 7 case in which the trustee determines, after the applicable exemptions, that there are no significant assets to liquidate. The debtor retains all of their real and personal property.
Nolo contendere
No contest. A plea of nolo contendere has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
Nonbankruptcy Law
the term used in the Code to describe the entire body of law prevailing in the jurisdiction, both state and federal, apart from bankruptcy law.
Noncapital Asset
an asset not used to operate a business. For example, inventory is generally a noncapital asset.
Noncore Proceedings
matters that are related to a bankruptcy proceeding but that do not require specific application of a Bankruptcy Code provision for the matter's resolution.
Non-Dischargable
A debt that cannot be eliminated in bankruptcy. Non Dischargeable debts remain legally enforceable despite the attempt to have it discharged.
Nonexempt assets
Property of a debtor that can be liquidated to satisfy claims of creditors.
Nonpurchase Money Security Interest
a security interest in collateral where the purpose of the loan is other than to purchase the collateral.
Nonrecourse Secured Debt
a secured debt for which the debtor has no liability beyond the value of the collateral, so that the debtor cannot be held responsible for any deficiency following foreclosure.
Nonresidential Lease
a real property lease obtained for purposes other than to reside in the leased premises. The lease of a store is a common nonresidential real property lease.
Notice
information concerning a fact, whether deriving from actual knowl- edge or imputed as a legal consequence of proper recording or other publicity. Imputed knowledge is called "constructive notice".
Notice and a Hearing
Bankruptcy Code phrase, which triggers some form of due process, such as a noticed motion, notice of intent, or ex parte application.
Notice of Intent
the common method of providing notice to creditors, when required, to properly accomplish a bankruptcy procedure. This procedure is also sometimes known as a "notice of intended action". Generally, 23 days' notice by mail upon all creditors and parties in interest is necessary to properly accomplish many bankruptcy procedures.
Noticed Motion
a motion brought by a party in interest seeking a ruling from the Bankruptcy Court.
Nulla bona Return
(Latin: "No goods".) The report returned by the sheriff following an attempt at levy in which no executable property could be found.

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