right of exclusion; right to exclude property from bankruptcy estate
A legal term in Japanese bankruptcy law: the right of a secured creditor to have specific collateral excluded from the bankruptcy estate and to receive satisfaction outside the ordinary bankruptcy distribution process.
To exercise the right of exclusion, one must prove the existence of a security interest.
In bankruptcy proceedings, a holder of a right of exclusion can receive payment with priority.
破産 is bankruptcy itself; 別除権 is a right that arises within bankruptcy proceedings for secured creditors.
Compound of 別 (separate) + 除 (exclude) + 権 (right), literally 'right of separate exclusion'. A modern legal term coined to describe a secured creditor's right in bankruptcy.