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Simple English definitions for legal terms

further advance

Read a random definition: court leet

A quick definition of further advance:

Further advance: When someone borrows money to buy a house, they usually get a loan called a mortgage. Sometimes, the person who lent the money (the mortgagee) might agree to lend more money to the borrower (the mortgagor). This is called a further advance. It can be on the same thing that was used as security for the first loan, or on something else. Another meaning of further advance is when the interest that someone owes on their mortgage gets added to the amount they borrowed, so they end up owing more money overall.

A more thorough explanation:

Definition: A further advance is a second or subsequent loan given by a mortgagee to a mortgagor. This loan can be given on the same security as the original loan or on an additional security. It can also refer to the conversion of arrears of interest on a mortgage security into principal.

1. John took out a mortgage on his house and later needed more money. He went back to the same mortgage company and asked for a further advance on his mortgage. The mortgage company agreed to give him the additional loan on the same security as the original loan.

2. Mary fell behind on her mortgage payments and owed a lot of interest. She asked her mortgage company if they could convert the arrears of interest into principal so that she could pay it off over time. This is an example of a further advance.

These examples illustrate how a further advance works. In the first example, John needed more money and was able to get it from the same mortgage company. In the second example, Mary was able to convert her arrears of interest into principal, which made it easier for her to pay off her mortgage over time.

furta | further assurance

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darthaifos33
14:36
like**
darthaifos33
14:36
and UPenn for that matter! Would be greatly appreciated
yay pookie! congrats!
14:39
omg this guy on the deposition is screamingggg
darthaifos33
14:39
And congrats!!!!!!<3
14:49
like it's crazy
i've heard great things about UVA! I visited upenn and hated it so much / felt so uncomfy there and the starbucks by campus got robbed while i was there waiting for my tour to start lol
darthaifos33
14:59
@OptimisticOutlier That sounds terrible, I'm sorry you had to experience that lol. Can I ask what made you feel uncomfortable? Like the sketchy vibes of the city or like the camp\us itself etc.?
darthaifos33
14:59
campus
penn is in a nice area
right next to drexel
it was campus itself, honestly i can't explain what it actually is. I felt the same way when I was touring schools for undergrad, pretty much pulled up to upenn and told my mom i knew i didn't like it and didn't need to take the tour lol
would argue with the nice area piece lol i think all of philly is kinda scary, someone pulled a gun on my team while we were down for a football game at upenn and walking around at night
but that said, i'm pretty happy i moved to pa after school and i know lots of people love upenn!
dear god is that sketchy
definetly safer than how its being described
people are absolutely crwzy
yeah yeah will 10000% agree i've had like bad outlier experiences lol
u are the optimistic outlier after all
true!
how do i tell my boss im quitting and need to take off on monday (visiting ND on monday to meet with dean and check the vibes, was gonna put in my 2 weeks regardless
16:00
NEED
16:00
i luv being an art hoe snob
amlaw
16:38
believe it or not i didn’t miss any calls
OvertReconditeSpider
18:03
Lol all of philly is a dumpster fire
OvertReconditeSpider
18:03
Yet i am moving there for law school in 14 days lol
manifestmoreadmissions
18:56
@OptimisticOutlier: congratulations!!!
21:14
I live in that area. It isn't bad at all
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