BREAKING OF ARRESTMENT Meaning and
Definition
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The breaking of arrestment refers to the legal action taken to release or lift a form of legal seizure known as arrestment, which can occur in various jurisdictions. Arrestment is a legal procedure used to freeze or temporarily seize a person's assets, such as bank accounts, property, or goods, usually done to secure a debt owed by that person. It is commonly used as a precautionary measure by creditors to prevent the debtor from disposing of their assets before satisfying their obligations.
When the debtor wishes to regain access to their seized assets, they must initiate the process of breaking the arrestment. The breaking of arrestment typically involves the debtor requesting a court order or obtaining permission from the relevant authority to release the arrested assets. This process often requires the debtor to demonstrate that they have fulfilled their obligations or provide an alternative form of security for the creditor.
Upon successful completion of the breaking of arrestment, the assets that were previously arrested are released, allowing the debtor to regain control over them. This action can enable the debtor to freely utilize or dispose of their assets, subject to any other existing legal obligations or restrictions.
In summary, the breaking of arrestment refers to the legal procedure undertaken by a debtor to release or lift the temporary seizure of their assets, which was initiated by a creditor through arrestment to secure a debt.
