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Simple English definitions for legal terms

call loan

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A quick definition of call loan:

A call loan is a type of loan where the lender can ask for the money back at any time, usually with a day's notice. This is different from a term loan, which has a set due date. The borrower usually pays interest on the loan. It's important to pay back a call loan quickly because the lender can ask for the money back at any time.

A more thorough explanation:

Definition: A loan for which the lender can demand payment at any time, usually with 24 hours' notice, because there is no fixed maturity date.

Example: A broker call loan is a type of call loan that is made to a stockbroker to finance daily transactions. The lender can demand payment at any time, and the borrower must repay the loan within 24 hours.

Explanation: A call loan is a type of loan that is not fixed and can be called back by the lender at any time. This type of loan is usually used for short-term financing, and the borrower must be prepared to repay the loan quickly. The example of a broker call loan illustrates how this type of loan is used in the stock market to finance daily transactions. The lender can demand payment at any time, and the borrower must be prepared to repay the loan within 24 hours.

calling to the bar | call of a meeting

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damp-cigarette
13:33
just tell them you're applying to monsters university
info-man
13:34
as far as i know, that information is simply for data collection purposes
damp-cigarette
13:34
^
info-man
13:34
i don't think it has a detrimental effect on your chances of admission
info-man
13:34
but also you don't need to tell them anything so lol
KeenHeartbreakingRattlesnake
13:35
Can y'all help me understand something lol. What does it mean for an app to "go complete"? Is that when the school has reviewed it and made a decision?
Law-Guy
13:35
Na, it's when they have all the required information
KeenHeartbreakingRattlesnake
13:35
Gotcha. So what would be the difference between received and completed?
KeenHeartbreakingRattlesnake
13:35
Does complete entail like the app + LORs?
info-man
13:35
correct
KeenHeartbreakingRattlesnake
13:36
That makes sense. Thank you!
info-man
13:36
complete basically means they've acknowledged receipt and it's ready to go under review whenever they start the deliberative process
Quillinit
13:40
I still haven't had Chicago or Cornell go complete, but I think that's just how they be
info-man
13:41
when did you submit
CaringEquableGuppy
13:42
How do you know when an application is complete? Is it on LSAC or the school's portal?
info-man
13:43
it'll be on the school-specific portal
Quillinit
13:44
when they opened
Quillinit
13:45
they both say something along the lines of "received and waiting to be processed"
oakenrays
13:48
anyone have good resources for revising a personal statement for reuse after applying with it last cycle?
Law-Guy
13:49
Any guesses when Cornell and Penn CRS fee waivers will go out?
info-man
13:51
@Quillinit: from my recollection, chicago and cornell collapse complete/UR1 into a single step, so they may simply not be ready to begin reviewing applications
info-man
13:52
i think it's fair to assume, barring a handful of schools like UVA, most schools won't begin reviewing applications in earnest until the beginning of next month at the earliest, so it wouldn't be surprising to hear that applications are just sitting in the queue
[] baddestbunny
13:54
@oakenrays: I was just gonna write a new one personally but I think you want to make it recognizably different from your previous PS
oakenrays
13:56
@baddestbunny: definitely agree that some revision and additional information is warranted but, my why law is the same... I guess just tell the same story in a different way
oakenrays
14:03
ugh fineeee I'll write a new stupid essay
[] baddestbunny
14:07
yeah I told my last essay about a formative experience and am trying to update it now to be about what I’ve learned since that experience
letsseehowitgoesnow
14:22
recently wrapped up interview
letsseehowitgoesnow
14:23
i re-wrote my PS this cycle when I reapplied
GloveDiedForYourSins
14:35
fire drill at work
GloveDiedForYourSins
14:35
so lit
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