LSDefine

Simple English definitions for legal terms

assigned account

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A quick definition of assigned account:

An assigned account is a type of bank account where someone pledges their money as security for a loan. It's like saying, "I promise to pay you back, and if I don't, you can take the money in this account." It's important to be accountable for your debts and make sure you can pay them back.

A more thorough explanation:

An assigned account is a pledge of an account receivable to a bank or factor as security for a loan. For example, if a business needs a loan, they may pledge their accounts receivable as collateral. This means that if they don't pay back the loan, the bank or factor can collect the money owed to the business from their customers.

One example of an assigned account is when a construction company pledges their accounts receivable to a bank in exchange for a loan. The bank can collect the money owed to the construction company from their customers if they don't pay back the loan.

assign dower | assigned counsel

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

HopefullyInLawSchool

16:12

@RoaldDahl: Likely not however it could mean nothing

RoaldDahl

16:15

So if it means nothing does that mean something?

HopefullyInLawSchool

16:17

Possibly

RoaldDahl

16:26

Cool

RoaldDahl

16:26

thank you!!!! i hope it means something

pinkandblue

16:31

fart

IrishDinosaur

16:36

Mich R gang lesgooo

AromaticDazzlingLlama

17:19

Did anyone else get that random get to know nova email?

HopefullyInLawSchool

17:21

Ya it was sent to all YM applicants

starfishies

17:37

Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet

PoloBoy

17:38

Better yet I got the email and I was rejected last month

starfishies

17:38

Wtf

starfishies

17:39

and the deadline is in like a week what is this

DashingThroughRaindrops

18:01

any cardozo movement?

BatmanBeyond

18:01

Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response

BatmanBeyond

18:02

This whole hold/wait-list/reserve system is a headache

DashingThroughRaindrops

18:02

loci already?

BatmanBeyond

18:09

If the odds are like 1-2% I don't think it matters much by the numbers

ChuChuB

12:11

I got the same NDLS email

OrangeThing

12:18

I think the user profiles are broken

HippoDad

19:29

Any word out of Notre Dame?

HippoDad

19:29

Only the invitation to apply for LSE

HippoDad

19:29

Anyone received a decision from NDLS?

bigfatsloth

19:50

when did u guys apply that just heard from umich? they havent even glanced at my app yet

folkmore

0:30

how am i supposed to spy on people when profile links are broken?

BroadMotionlessStingray

5:02

Right. Broken links smh

mastermonkey45

11:40

I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.

EmptyFlakyGoose

12:08

The profile links are not working for me. anybody else?

bigfatsloth

13:18

i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march

CheeseIsMyLoveLanguage

13:24

@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)

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