Tools Of Trade Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Tools Of Trade, written in plain English, along with examples of how it is used.
What is Tools Of Trade?
Under Bankruptcy law, the instruments, equipments and tools used by an individual in his occupation , such as machinery, devices etc, which he can individually run without the help of the additional labour,are his tools of trade. Under this law, these are exempted from any claims of creditors as law considers these as the only daily source of income and survival in support of his family and also the means of earning to repay creditors.