Contingent Claim Law and Legal Definition
A contingent claim, in the context of bankruptcy law, is a claim that may be owed by the debtor under certain circumstances, for example, where the debtor is a cosigner on another person's loan and that person fails to pay. A contingent debt is one in which there is a 'triggering event' or some condition precedent for the debt to exist. All the events giving rise to a liability have not occurred before the filing of a bankruptcy petition.
In a Chapter 11 case, all creditors with claims not scheduled by the debtor-in-possession or scheduled as disputed, contingent, or unliquidated must file proof of claims if they desire to preserve their right to obtain any recovery from the estate.
Legal Definition list
Related Legal Terms
- Accrual of a Contract Claim
- Accrual of Claims
- Actionable Invasion of Privacy Claim
- Actus Inceptus Cujus Perfectio Pendet Ex Voluntate Partium Revocari Potest, Si Autem Pendet Ex Voluntate Tertiae Personae, Vel Ex Contingenti, Revocar
- Adjudicative-Claims Arbitration
- Administrative Expense Claim
- Adverse Claim
- Adverse Claim on Security
- Affidavit of Copyright Claimant
- Alaska Native Claims Settlement Act
