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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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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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