Debtor in Possession Financing
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Debtor in possession - A debtor in possession, in the United States bankruptcy law, is a person who is bankrupt, but remains in possession of property upon which a creditor has a lien or similar security interest. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price.
Elegit - ... Westminster II (1285), and so called from the words of the writ, that the plaintiff has chosen (elegit) this mode of satisfaction. Previously to the Statute of Westminster II, a judgment creditor could only have the profits of lands of a debtor in satisfaction of his judgment, but not the possession of the lands themselves.
Demonic possession - Demonic possession is the belief in a form of spiritual possession; specifically, one or more demons are said to enter a living or dead human or animal body or an object with the intention of using it for a purpose, normally evil but sometimes instead as a punishment or test. This term is more commonly applied to possession of living persons.
Constructive possession - Constructive possession is a legal fiction to describe a situation where an individual has actual control over chattels or real property without actually having physical control of the same assets. At law, a person with constructive possession stands in the same legal position as a person with actual possession.
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