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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.

automatic disclosure | automatic suspension

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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
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
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
roger dat. see u in heck
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
gulc baby pls text me back... i miss you ...... :(
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: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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