Examlex
Which of the following statements about extinction is TRUE?
Trustee
In a legal context, a trustee is responsible for managing the assets placed within a trust, ensuring the trust's terms are followed for the benefit of the beneficiaries.
Debtor
An individual or entity that owes money to another; a borrower in a financial transaction.
Insolvency Proceedings
Legal processes initiated when an individual or company is unable to repay their debts, leading to asset liquidation or reorganization plans.
Chapter 15
A section of the U.S. Bankruptcy Code dealing with international bankruptcy, facilitating cooperation between U.S. courts and parties and their foreign counterparts.
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