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Simple English definitions for legal terms

as-extracted collateral

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A quick definition of as-extracted collateral:

As-extracted collateral refers to minerals such as oil and gas that are used as security for a loan. The borrower pledges their interest in the minerals before they are extracted, and the security interest attaches to the minerals as they are extracted. It can also refer to the account created from the sale of these minerals.

A more thorough explanation:

Definition: As-extracted collateral refers to oil, gas, or other minerals that are pledged as security against a debt. This collateral is created by a debtor having an interest in the minerals before extraction and that attaches to the minerals as they are extracted.

Example: A mining company borrows money from a bank to fund its operations. As part of the loan agreement, the mining company pledges the minerals it extracts from the mine as collateral. This means that if the mining company defaults on the loan, the bank can seize the minerals to recover its money.

This example illustrates how as-extracted collateral works. The minerals are not yet extracted, but they are still considered collateral because the debtor has an interest in them before extraction. Once the minerals are extracted, they become the property of the debtor, but the security interest remains attached to them.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
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20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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