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 Rank:
Having a rightful place on the list of claims for a bankrupt estate.
Real
Property:
Immovable property such as a building and land.
Realization:
The amount of money received from the sale of assets.
Rebuttable
Presumption:
Usually, every element of a case must be proven to a judge or a jury.
The exception is a "presumption", which means that if certain
other facts are proven, then another fact can be taken for granted by
the judge (or jury).
Receiver:
A person or corporation appointed by a person who holds a debenture or
other security agreement, giving that person authority to take possession
of the specified in the debenture. A Receiver cannot manage or operate
a company for more than 14 days.
Receiver's
Certificate:
Certificates given by a Receiver or Receiver-Manager to secure borrowings
required by the Receiver or Receiver-Manager. Any debt secured by
a Receiver's Certificate has a first charged over the property, ranking
ahead of any other secured charge.
Receiver-Manager:
Similar to Receiver above, except the Receiver-Manager can manage or operate
the company.
Receiver
of Rents:
A person appointed by the Court to enforce the collection of rent as is
specified in the charge on the property.
Receiving
Order:
An Order handed down by the Court following the successful petition to
have a person or company placed into bankruptcy.
Redemption:
Buying back.
Redemption
Period.
The period of time, in a foreclosure, that the court will establish for
which the property will be for sale before the owner will have to vacate
and the time at which potentially the mortgage holder can take control
of the property.
If there is a
significant anticipated shortfall the lawyer for the mortgage holder will
argue for no redemption period. If there is anticipated equity then the
owner of the property will ask the court for a longer redemption period
so the property can be sold in an orderly manner and not as a "fire
sale", thus allowing the owner to sell for as high a price as possible
and therefore not suffer a loss or worse a shortfall. Typically the courts
will grant a 6 month redemption period if there is a likelihood of some
equity or a small shortfall.
Registrar:
An Officer of the Supreme Court appointed by the Chief Justice and empowered
to deal with various matters as set out in the Bankruptcy and Insolvency
Act.
Relator:
An informer; a person who has supplied the facts required for a criminal
prosecution or a civil suit.
Remainder:
A right to future enjoyment or ownership of real property. The "left-over" after property has been conveyed first to another party. A remainder interest
is what if left-over after a life estate has run its course. Contrary
to a reversion, a remainder does not go to the grantor or his (or her)
heirs.
REMO:
Abbreviation for "reciprocal enforcement of maintenance orders" and the name of the international system of recognition, registration
and enforcement of child and spousal support orders between countries
which have agreed, between themselves, to enforce each other's maintenance
orders. The international REMO system now spreads over many countries.
In the USA, the system is known as UIFSA or URESA.
Repairer's
Lien:
A mechanic or other person who, by bestowing money, skills or material
on any chattel, is entitled to a lien on the chattel, which empowers that
person to sell the chattel if he is not paid within a prescribed period
of time.
Replevin:
A legal action taken to reclaim goods which have been distrained.
Rescind:
To abrogate or cancel a contract.
Res Gestae:
Latin for "things done." A peculiar rule, used mostly in criminal
cases, which allows hearsay if the statement is made during the excitement
of the litigated event. For example, the words "stick 'em up!" used during an armed robbery would be admissible in evidence under the
res gestae rule.
Res Ipsa Loquitur:
A word used in tort to refer to situations where negligence is presumed
on the defendant since the object causing injury was in his or her control.
Res Judicata:
Latin: A matter which has already been conclusively decided by a court.
Respondent:
The party who responds to a claim filed in Court against him by a Plaintiff
or the person who is being sued. Another term for the Respondent
is the Defendant.
Restitutio
in Integrum:
Latin for restitution to the original position.
Restitution:
Under ancient English common law, when a party enforced a court judgement
and then that judgement was overturned on appeal, the appellant could
ask the appeal court for "restitution", or financial compensation
placing that appellant in the same position as if the original legal decision
had not been enforced.
Resulting Trust:
A trust that is presumed by the court from certain situations. Similar
to a constructive trust but for resulting trusts, the court presumes an
intention to create a trust; the law assumes that the property is not
held by the right person and that the possessor is only holding the property "in trust" for the rightful owner.
Retainer:
General: A contract between a lawyer and his (or her) client, wherein
the lawyer agrees to represent and provide legal advice to the client,
in exchange for money. The signed retainer begins the client-lawyer relationship
from which flow many responsibilities and duties, primarily on the lawyer,
including to provide accurate legal advice, to monitor limitation dates
and to not allow any conflict of interest with the relationship with the
client.
Bankruptcy: Under the Bankruptcy and Insolvency
Act it is common for the Trustee in Bankruptcy to ask for a retainer
before he accepts an appointment. There is also a special type of
retainer called a Third Party Retainer, whereby funds are put up that
secure the fees and disbursements of the Trustee but are returned to the
party putting up the funds if the Trustee realizes enough out of the estate
to cover the fees and costs and, in the case of a proposal, returned to
the party putting up the funds if the proposal is refused by the creditors
or not approved by the Court.
Reversion:
A future interest left in a transferror or his (or her) heirs. A reservation
in a real property conveyance that the property reverts back to the original
owner upon the occurence of a certain event.
Right of First
Refusal:
A right given to a person to be the first person allowed to purchase a
certain object if it is ever offered for sale.
Riparian Rights:
Special rights of people who own land that runs into a river bank (a "riparian
owner" is a person who owns land that runs into a river).
Rule Against
Perpetuities:
A common law rule that prevents suspending the transfer of property for
more then 21 years or a lifetime plus 21 years. For example, if a will
proposes the transfer of an estate to some future date, which is uncertain,
for either more than 21 years after the death of the testator or for the
life of a person identified in the will and 21 years, the transfer is
void.
Respondent:
The party who responds to a claim filed in Court against him by a Plaintiff
or the person who is being sued. Another term for the Respondent
is the Defendant.
Retainer:
Under the Bankruptcy and Insolvency Act it is common for the Trustee
in Bankruptcy to ask for a retainer before he accepts an appointment. There is also a special type of retainer called a Third Party Retainer,
whereby funds are put up that secure the fees and disbursements of the
Trustee but are returned to the party putting up the funds if the Trustee
realizes enough out of the estate to cover the fees and costs and, in
the case of a proposal, returned to the party putting up the funds if
the proposal is refused by the creditors or not approved by the Court.
RHOSP:
Registered Home Ownership Savings Plan.
RRSP:
Registered Retirement Savings Plan.
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