notice to creditors

Definition

A public notice addressed to creditors and debtors of an estate usually published in a media outlet of wide circulation. All interested parties are required to appear in court to file claims against the estate or make corresponding payments.

This notice is also used in a bankruptcy process to request creditors to submit their claims. All individuals having claims should deliver, mail or file their claims within a specified term after the date of publication of the notice; otherwise creditors shall be forever barred as to their claims.

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