distraint

distraint definition - business

distraint

Seizure of property to serve as security for an unpaid claim. A taxing authority normally has the power of distraint to help ensure collections from individuals who are negligent or refuse to pay taxes.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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