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LAW DICTIONARY

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debtor in possession
a person or corporation who has filed a bankruptcy petition but remains in possession of property upon which a creditor has a lien or similar security interest. Section 1107 of the Bankruptcy Code places the debtor in possession in the position of a fiduciary, with the rights and powers of a chapter 11 trustee, and it requires the debtor to perform of all … Full Definition »
Personal Bankruptcy >> Bankruptcy Law