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LSDefine

Simple English definitions for legal terms

Secured debt

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A quick definition of Secured debt:

Secured debt: When someone owes money to another person or company, and they use something they own as a guarantee that they will pay the money back, it is called secured debt. This means that if the person who owes the money doesn't pay it back, the creditor can take the thing that was used as a guarantee and sell it to get their money back. Examples of things that can be used as a guarantee include a house, a car, or other valuable possessions.

A more thorough explanation:

Secured debt

Secured debt is when a creditor has a claim on a debtor's property that is backed up by a lien. This lien can be created by the debtor's agreement or by a court judgment or taxes. Examples of secured debt include mortgages, equity lines of credit, and vehicle and equipment loans. Other types of debt that can be secured by liens on property include Purchase-money security interest, judgment liens, tax liens, and blanket security liens.

  • A mortgage is a type of secured debt because the lender has a claim on the property until the loan is paid off.
  • An equity line of credit is also secured debt because the lender can take possession of the property if the borrower defaults on the loan.
  • A vehicle loan is another example of secured debt because the lender can repossess the vehicle if the borrower fails to make payments.
  • A purchase-money security interest is when a creditor has a claim on property that was purchased with borrowed funds.
  • A judgment lien is when a court orders a lien on a debtor's property to satisfy a debt owed to a creditor.
  • A tax lien is when the government places a lien on a debtor's property to collect unpaid taxes.
  • A blanket security lien is when a creditor has a claim on all of a debtor's property, rather than just one specific asset.

These examples illustrate how secured debt works. In each case, the creditor has a claim on the debtor's property that is backed up by a lien. If the debtor fails to repay the debt, the creditor can take possession of the property to satisfy the debt.

Section 8 | Secured party

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10:35
they should change it to making you write an essay on some foreign film
10:36
like la haine or the apu trilogy or some shit
10:36
that would be more interesting
NosyBeagle
10:38
@NemoPropheta: LSAT haters unite. This test sucks butt
10:43
I got 2 weeks left of this shit and I have 0 motivation
10:55
@RasheedWallaceFan: yeah for some reason SMU isnt listed on any of the rankings lists. Been that way all year
@NemoPropheta: you only got another 40+ years of it!
@PremiumFrequentCrane Is right.
You'll forever have those days where shit ain't getting done. Just a matter of how you handle them. (IE using Chatgpt to draft a motion for leave like meeeee)
NosyBeagle
13:52
look at my lawyer dawg... im going to jail
Nah, I don't use it to do my case law. Just the actual motion drafting.
For example, I was trying to get the right language in a Motion for Sanctions (tl;dr slip and fall case, defense counsel played nothing but games – IE never sending records despite it being mandatory to trcp, producing never before seen records DURING A DEPO) and just talked to ChatGPT about his behavior to provide background to help with the drafting for the procedural paragraph.
@NosyBeagle: just makes me think of vanillamace
@TiredOfThisGrandpa: I dont have LSD+ so cant dm but will def hit you up when I have them done! Also is ur username a reference to holes? lol
Can i get accommodations for mid test 2 hour nap
I mean, i have sadhd
15:34
you could get accommodations for the schizoaffective disorder you clearly have
NosyBeagle
15:53
a two hour nap in between sections would be great for me
ronniedoeslaw
15:58
LSAT isn’t horrible you just have to lock in really hard for 2 hours and expect to be exhausted the rest of the day mentally
16:30
ugh i hit this lady w my car
16:31
well i hit her car and the cops said there's no damage but she says there is should i call my insurance what u think lawyers
real quick question. How much do early applications matter? I have super strong softs and an ok LSAT score of 160. GPA wasn't great at 3.33. I applied in late march and I have been rejected everywhere so far
16:58
late march is way too late
16:58
early doesn’t matter but before thanksgiving matters
ronniedoeslaw
16:59
Have you used the LSAC search for schools link? It helps a lot letting you know the probability of acceptance.
I mean early early might be overblown but dont apply if you are applying in march
does anyone know how many questions they typically ask for the UT recorded interview
20:21
has anyone been accepted off of the waitlist for New England yet?
ronniedoeslaw
20:36
No yet for me, I was waitlisted on Monday
ronniedoeslaw
20:36
Not *
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