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Simple English definitions for legal terms

rule of marshaling assets

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A quick definition of rule of marshaling assets:

The rule of marshaling assets is a fair rule that says if a person owes money to two or more creditors, they must first use the money from the fund that is not available to the junior creditor to pay off the senior creditor. This prevents the senior creditor from taking all the money from the only fund available to the junior creditor, which would be unfair. It is also called the marshaling doctrine, rule of marshaling securities, or rule of marshaling remedies.

A more thorough explanation:

The rule of marshaling assets is a legal principle that requires a creditor who has multiple sources of payment to first use the source of payment that is not available to a junior creditor. This principle is used to prevent a senior creditor from unfairly excluding a junior creditor from receiving any payment.

For example, let's say that a senior creditor has a mortgage on a property and a junior creditor has a lien on the same property. If the property is sold, the senior creditor must first use any other available funds to satisfy their debt before using the proceeds from the sale of the property. This ensures that the junior creditor will still receive some payment from the sale.

Another example would be if a company has multiple assets that can be used to pay off debts. If a senior creditor has a claim on one of those assets, they must first use the other assets to satisfy their debt before using the asset that is also available to a junior creditor.

The rule of marshaling assets is an important principle in ensuring fairness in debt repayment and preventing senior creditors from unfairly excluding junior creditors from receiving payment.

rule of law | rule of marshaling liens

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20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
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