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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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