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Simple English definitions for legal terms

security agreement

Read a random definition: custodian bank

A quick definition of security agreement:

A security agreement is a contract that says if someone owes money or has a debt, they will give something valuable as a guarantee that they will pay it back. This valuable thing is called collateral. The agreement must say what the collateral is and be signed by the person who owes the money. The agreement may also have other important promises and guarantees.

A more thorough explanation:

A security agreement is a legal document that establishes an interest in a specific property, either real or personal, to ensure that an obligation is fulfilled. The agreement must include a security interest, a description of the collateral, and the debtor's signature. It may also contain other important covenants and warranties.

Example 1: John wants to borrow money from a bank to buy a car. The bank requires John to sign a security agreement that gives the bank a security interest in the car. If John fails to repay the loan, the bank can repossess the car to recover the money owed.

Example 2: Sarah wants to rent an apartment but has bad credit. The landlord requires Sarah to sign a security agreement that gives the landlord a security interest in Sarah's personal property, such as her furniture and electronics. If Sarah fails to pay rent, the landlord can seize her property to cover the unpaid rent.

These examples illustrate how a security agreement can be used to protect a lender or creditor's interests in case the borrower or debtor fails to fulfill their obligations. The agreement establishes a legal claim on the collateral, which can be used to recover the money owed or compensate for any losses incurred.

securitize | Security Council

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this is for next cycle
everyone saying medians are gonna be crazy so idk what i should be aiming for. 3.9+ gpa if it matters
r/lsa makes me feel like im stupid for having a 170 lol
@RasheedWallaceFan: your gpa is above all medians, so apply broadly
Okay thank you for the input, the other thing im struggling with is just making a school list in general. I am insecure so im like do i have to apply to 5 low ranked schools just in case? I guess I am trying to figure out where the "safety" cutoff is and my list right now is 25 schools so idk if thats too much
@RasheedWallaceFan: 25 is on the high end, but you should apply to however many you feel comfortable with. imo, a safety is anywhere you are well above both medians. you can look at my school list for inspo if you'd like
you shouldn't apply to anywhere you wouldn't realistically go if it was your only offer
for sure, thank you a lot. Have fun at michigan that will be awesome!
NosyBeagle
17:13
it is 4pm here so it's time for nyt sudoku (I'm not good at sudoku either)
omg i just did the wordle and mini
NosyBeagle
17:14
love nyt games
SAMEEEEE
NosyBeagle
17:14
i do them in between studying to keep sane
@RasheedWallaceFan: take your list and research the city, campus, tuition, bar passage, employment by sector, etc.!!! it might help you narrow down your school choices
also don't pay much attention to the people on reddit. there's genuinely good advice but there's a ton of people who are just energy vampires (average reddit user)
@NosyBeagle: that is so real
me playing a mobile game after a 7sage section
NosyBeagle
17:26
i have or im gonna get the lsat blues
NosyBeagle
17:26
lol
17:30
I already have the LSAT blues... not as much as I am going to have between June 7 and June 25 though :P
17:31
The real reason why lawyers are alchoholics... Because there is so much of a wait time between tests and scores.
NosyBeagle
17:48
i already became one in undergrad so ill fit right in
Are the 7sage app requirements as far as essays go accurate? I would love to spend my summer preparing my applications but I dont want to waste time writing essays that wont be there. Is there a way to know what will be on the apps, or when those apps will be available to view? Or should I just focus on my PS and DS for now?
@RasheedWallaceFan: they were accurate for me, but school requirements change year to year and there's no way for anyone to know for sure
NosyBeagle
18:22
how far can i get if I type "please" on a word doc 500 times
okay sabrina carpenter
NosyBeagle
18:32
lmao
NosyBeagle
18:37
oh yeah my shift is almost over im gonna go to sleep immdiately
@RasheedWallaceFan: refer to school website, of course
@windyMagician: swagjacker
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