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executory

   Also found in: Legal, Financial, Encyclopedia 0.01 sec.
ex·ec·u·to·ry  (g-zky-tôr, -tr)
adj.
1. Of or relating to execution or administration; executive.
2. In effect; operative.
3. Law Intended to go into effect or having the potential of becoming effective at a future time; contingent.

executory [ɪgˈzɛkjʊtərɪ -trɪ]
adj
1. (Law) (of a law, agreement, etc.) coming into operation at a future date; not yet effective an executory contract
2. executive; administrative


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Among the initial documents that surface are the voluntary or involuntary bankruptcy petition; statement of financial affairs; and the schedules of assets and liabilities, current income and expenditures, plus unexpired leases and executory contracts (contracts between the debtor and another party in which both sides have to perform--i.
In simple terms, executory contracts are agreements that have not yet been completely performed.
Specifically, the amendments to the code: increase the control that franchisors can exert over the assumption of their executory franchise agreements; and shorten the time in which the franchisee debtor may assume certain real property leases.
 
 
 
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