reclamation


Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.

Reclamation

A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process.

Reclamation

1. The right of a seller to repossess property from a buyer when the buyer does not pay. For example, if someone buys 100 widgets on credit and does not make payments according to the agreed-upon arrangement, the seller has the right to reclaim the widgets and assume ownership once again. A major example of reclamation is foreclosure.

2. The right of a buyer to collect the money paid on a purchase that was not delivered or not delivered according to expectations. For example, if a buyer pays in advance for the purchase of 100 widgets and the seller instead delivers 100 whatsits, the buyer generally has a right to be reimbursed.

reclamation

The recovery of losses by either party in a securities transaction in which there has been a bad delivery.

reclamation

(1) The process of converting unusable lands to beneficial use,such as reclamation of strip mine sites,swamps,and gullies.(2) A bankruptcy remedy allowing a vendor who sold goods on credit to one who filed bankruptcy shortly afterward to reclaim those goods and obtain their return from the bankrupt buyer, but only if the buyer was insolvent at the time of receipt and the seller makes demand for reclamation within 10 days of the buyer's receipt.

References in periodicals archive ?
'Reclamation will defeat the purpose of rehabilitating Manila Bay; a cleanup should not only reduce the levels of fecal bacteria, but must also include protecting the bay against all forms of destructive projects, especially reclamation that will wipe out the remaining mangroves and sea grasses which serve as fish shelter and protection of communities from natural disasters,' Fernando Hicap, Pamalakaya national chairman and former Anakpawis party-list representative, said in a statement.
"There is a need to rationalize the approval process for reclamation projects towards an economically and environmentally sustainable resource development," the order read.
In the short term, the impacts of reclamation in Manila Bay, whether positive or negative, will be greatly felt by those from and in project sites.
Launius's reclamation best practices have been shared across Peabody's operations and with local farmers and professionals with interest in farming reclaimed mine lands.
Any reclamation activity, he says, should start with the removal of deposited silt and garbage from the seabed.
He said other than that, the state government was also assessing the impact of the sea reclamation on existing river flow and drainage systems, following the occurrence of flash floods in the Melaka town during heavy rain for quite some time.
According to UCC Section 2-702(3), a creditor's state law reclamation rights are subject to the rights of a buyer in the ordinary course of business or other "good faith purchaser." A "good faith purchaser" includes the debtor's secured creditor with a prior blanket security interest in the debtor's inventory.
A banquet will feature the presentation of the Tom Peters Mine Reclamation Awards, which includes recognition for a company doing outstanding work in mine reclamation, and a $5,000 scholarship for a university graduate student, who must deliver a presentation on his/her research topic.
If a debtor does not voluntarily return the goods subject to a reclamation claim, then the seller will be required to take action in the bankruptcy case to enforce its reclamation claim by filing a motion for relief from stay or an adversary proceeding.
"Pictures of violating trucks working on reclamation has been presented to us and we have been thoroughly investigating the issue with the Central Municipality to determine if reclamation is being done within an individual's plot or is going into the protected area.
"We are proud of our successful mine reclamation efforts in Fairborn and are honored to be recognized as an industry leader in nature conservation," said Karl Watson, Jr., president of Cemex USA.
Environmental Protection Agency (EPA) indicated for the first time earlier this spring that when foundry sand is processed in thermal sand reclamation units, the contaminants in the sand are being burned for discard, and therefore the units are subject to commercial and industrial solid waste incinerator standards (CISWI).