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executory |
Also found in: Legal, Financial, Encyclopedia | 0.01 sec. |
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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 Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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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. |
executory |
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