antecedent debt

Definition of "antecedent debt"
  1. A debt that existed before the transfer of a property that is used to pay or secure the debt
How to use "antecedent debt" in a sentence
  1. The vendor can seize the property if the buyer fails to settle the antecedent debt.
  2. The bankruptcy court considered the antecedent debt when analyzing the debtor's financial situation.
  3. The creditor can claim the antecedent debt even after the debtor has sold the property.

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