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LSDefine

Simple English definitions for legal terms

acknowledgment of debt

Read a random definition: clerical misprision

A quick definition of acknowledgment of debt:

ACKNOWLEDGMENT OF DEBT: When someone admits that they owe money to someone else, it is called an acknowledgment of debt. This stops the time limit for the debt from running out.

A more thorough explanation:

An acknowledgment of debt is when a debtor admits that they owe money to someone else. This is important in Louisiana law because it stops the time limit for collecting the debt from running out.

For example, if someone borrowed money from a friend and later sends a message saying "I know I still owe you that money," that would be an acknowledgment of debt. Even if the friend had only a short time left to collect the debt, the acknowledgment would reset the clock and give them more time to collect.

Another example could be a written agreement between a debtor and creditor that states the amount owed and the terms of repayment. This would also be considered an acknowledgment of debt.

Overall, an acknowledgment of debt is a way for debtors to recognize that they owe money and for creditors to have a legal way to collect what they are owed.

acknowledgment money | acknowledgment of paternity

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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