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LSDefine

Simple English definitions for legal terms

collateral mortgage

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A quick definition of collateral mortgage:

A collateral mortgage is a type of loan where you use your property as security for the money you borrow. If you don't pay back the loan, the lender can take your property. It's like giving the lender a guarantee that they will get their money back. There are many different types of mortgages, like ones with fixed interest rates or ones where you can borrow more money later. It's important to understand the terms of your mortgage before you agree to it.

A more thorough explanation:

A collateral mortgage is a type of mortgage that is used as security for a loan or debt. It is a legal agreement where the borrower pledges their property as collateral to the lender. If the borrower fails to repay the loan, the lender can take possession of the property and sell it to recover the debt.

For example, if a person wants to buy a house but does not have enough money, they can take out a collateral mortgage. The lender will provide the money to buy the house, and the borrower will pledge the house as collateral. If the borrower fails to repay the loan, the lender can take possession of the house and sell it to recover the debt.

Another example is a business owner who needs a loan to expand their business. They can take out a collateral mortgage by pledging their business property as collateral. If the business fails to repay the loan, the lender can take possession of the property and sell it to recover the debt.

In summary, a collateral mortgage is a legal agreement where the borrower pledges their property as collateral to the lender to secure a loan or debt.

collateral mistake | collateral negligence

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she was like "did you send an updated transcript" and i was like.... no....?
recentboo
15:23
new possibility unlocked lol
Looks like only the two UCLA As for now?
HopefullyInLawSchool
15:31
@WelfareIsACat: I think they applied YM
1a2b3c4d26z
15:31
Already got them
1a2b3c4d26z
15:32
They're privy
JumpySubsequentDolphin
15:32
doesn’t UCLA only do A waves on Fridays why are they trying to be quirky rn
15:33
maybe it
glovediedthisishismom
15:33
im terribly sorry, do please forgive my lack of understanding of law school admissions process terminology, would it be possible for you to kindly expand upon what the fascinating term "YM" stands for? Perhaps this acronym will help shed a light on an integral part of the process i mayhaps have glanced over?
15:33
it's a thanksgiving thing
HopefullyInLawSchool
15:34
your mom
glovediedthisishismom
15:34
egads man
glovediedthisishismom
15:34
have you no decorum
glovediedthisishismom
15:35
i can do a really good trans atlantic accent you should read those in that kind of voice^
15:42
what does ym mean'
15:42
what is a ym app?
HopefullyInLawSchool
15:42
Your mother @Evol
glovediedthisishismom
15:43
why is my mom applying
15:43
buddy got some reddit nubes the other day tho lol
15:43
@HopefullyInLawSchool: raaauuuude
HopefullyInLawSchool
15:48
@EvolBunny: Meltdown Keywords: URM, UCLA, Admissions, Race, Minorities, adcoms, 163 lsat. anti-Semitic language, opinions on all keyword topics (anyone else feel free to jump in)
15:52
:sob:
15:54
@HopefullyInLawSchool: omg why are you so obsessed with me
roasted to a crisp
crunchy and crispy now
HopefullyInLawSchool
15:56
bored at work nothing else to do
Dkk
15:57
@JumpySubsequentDolphin: to me UCLA just sends things out when ready. They do waves but a lot of the time they just trickle things out.
15:57
mtn tastes like straight chemical waste lmao
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