- unsecured creditor
a creditor who extended credit to a debtor without collateral security. If the debtor files for bankruptcy or is levied upon, the unsecured creditors are paid on a pro-rata basis only after the claims of all secured creditors are satisfied (Glossary of Common Bankruptcy Terms)A creditor without a lien. Unsecured claims may or may not have priority.Certain claims and wages for employees are unsecured claims. Most trade creditors are unsecured non-priority. (Bernstein's Dictionary of Bankruptcy Terminology)one of two general types of creditors of a company. The unsecured creditors have no liens on the property of the company. (Common Bankruptcy Terms)A creditor who holds no security but is either preferred or ordinary (Ontario Bankruptcy Dictionary)
United Glossary of Bankruptcy Terms 2012.
- unsecured creditor
A creditor without a lien. Unsecured claims may or may not have priority.
Certain claims and wages for employees are unsecured claims. Most trade creditors are unsecured non-priority.
US Bankruptcy 2012.
Glossary of Bankruptcy.
Look at other dictionaries:
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