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LSDefine

Simple English definitions for legal terms

automatic perfection

Read a random definition: quaere

A quick definition of automatic perfection:

Automatic perfection is when a person or company has a right to something, like a car or a house, and they don't have to do anything extra to make sure no one else can take it away from them. They don't have to file any papers or take possession of the thing they have a right to. This is usually true when they used their own money to buy the thing they have a right to. It's like they automatically have the perfect right to it.

A more thorough explanation:

Definition: Automatic perfection is the validation of a security interest against other creditors without the need for additional steps such as filing or taking possession of the collateral. This can occur through the self-operative perfection of a purchase-money security interest.

Example: If a lender provides financing for a car purchase, they automatically have a security interest in the car as collateral. This security interest is automatically perfected without the need for the lender to file any additional paperwork or take possession of the car. This is known as automatic perfection.

Explanation: The example illustrates how automatic perfection works in the context of a purchase-money security interest. The lender automatically has a perfected security interest in the car as soon as the loan is made, without the need for any additional steps. This provides the lender with priority over other creditors in the event of default by the borrower.

automatic disclosure | automatic suspension

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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