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LSDefine

Simple English definitions for legal terms

automatic perfection

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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.

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General

General chat about the legal profession.
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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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