Alternate Uses
In addition to the fraudulent uses described here, the term "equity stripping" also refers to the asset protection concept whereby the equity of an asset is encumbered, or stripped, to frustrate collection efforts by unsecured creditors. This can be done to protect the assets of individuals or organizations in high-risk businesses (e.g. doctors) from losing equity in lawsuit actions.
Read more about this topic: Equity Stripping
Famous quotes containing the word alternate:
“Strange, that some of us, with quick alternate vision, see beyond our infatuations, and even while we rave on the heights, behold the wide plain where our persistent self pauses and awaits us.”
—George Eliot [Mary Ann (or Marian)
“Boswell, when he speaks of his Life of Johnson, calls it my magnum opus, but it may more properly be called his opera, for it is truly a composition founded on a true story, in which there is a hero with a number of subordinate characters, and an alternate succession of recitative and airs of various tone and effect, all however in delightful animation.”
—James Boswell (1740–1795)