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LSDefine

Simple English definitions for legal terms

blue note

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A quick definition of blue note:

Blue note is a type of note that keeps a life insurance policy active until the note is due. It is a promise to pay money to someone else, like a written IOU. There are many different types of notes, like ones that require small payments over time and a big payment at the end, or ones that are backed by property as collateral. A note can also be a short essay written by a law student about a specific area of the law.

A more thorough explanation:

A blue note is a type of promissory note that maintains a life-insurance policy in effect until the note becomes due. This means that the life-insurance policy will remain active until the note is paid off.

For example, if John takes out a blue note for $10,000 and uses his life-insurance policy as collateral, the policy will remain active until John pays off the $10,000 note. If John were to pass away before paying off the note, the insurance policy would be used to pay off the remaining balance.

Blue notes are commonly used in estate planning to provide a source of funds for beneficiaries in case of the borrower's death.

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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
AHHAHAHAHAHAHHAHAHAHAHAHAH
@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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