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LSDefine
Simple English definitions for legal terms
antideficiency legislation
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A quick definition of antideficiency legislation:
Antideficiency legislation is a law that helps to cover a budget shortfall or limit the amount that secured creditors can recover. It's like a rule that says you can't spend more money than you have or take more than what you're owed. This law is important to make sure that the government or businesses don't run out of money and can keep operating.A more thorough explanation:
Antideficiency legislation is a law that provides revenue to cover a budget deficiency or limits the rights of secured creditors to recover in excess of the security. For example, if a government agency spends more money than it has been allocated, antideficiency legislation can provide additional funds to cover the shortfall.
Another example of antideficiency legislation is a law that limits the amount of money that a creditor can recover from a debtor. This type of legislation is designed to protect debtors from being forced to pay more than they owe.
Overall, antideficiency legislation is important because it helps to ensure that government agencies and creditors do not exceed their budgets or take advantage of debtors.
Anticybersquatting Consumer Protection Act | antideficiency statute