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Simple English definitions for legal terms

collateral note

Read a random definition: writ of association

A quick definition of collateral note:

A collateral note is a written promise to pay money to someone, just like a regular note. The difference is that a collateral note is backed up by something valuable, like property or stocks. This means that if the person who owes the money can't pay it back, the lender can take the valuable thing instead. It's like borrowing a toy from a friend and giving them your favorite toy as collateral until you can give their toy back.

A more thorough explanation:

A collateral note is a type of secured note, which is a written promise by one party to pay money to another party or to bearer. A collateral note is backed by a pledge of real or personal property as collateral. This means that if the borrower defaults on the loan, the lender can take possession of the collateral to recover the amount owed.

For example, if a person takes out a loan to buy a car, the car serves as collateral for the loan. If the borrower fails to make payments, the lender can repossess the car to recover the amount owed.

Another example of a collateral note is a mortgage note, which is a note that evidences a loan for which real property has been offered as security.

collateral-negligence doctrine | collateral obligation

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Dkk
15:46
Woo, it took almost 24 hours but my butthole is feeling good again! Just wanted to update y'all on my struggle.
[] baddestbunny
15:52
Ew
Dkk
15:56
Lmfao
soap
16:58
Thank you for the update
Dkk
17:04
Welcome.
Holding out strong for that 11 p.m. Sunday night wave.
soap
17:20
Do the admissions offices close on Veterans Day?
I think someone here was really interested in Cornell Law. I forgot their username now but I just talked to the Cornell admissions rep at the Houston LSAC fair and apparently 2/3 of people who interview at Cornell ultimately get in.
soap
17:21
Hello 🫡
soap
17:21
Thank you for your service, you’re a real one
soap
17:23
I wonder what it’s dependent on? Are the 2/3 chosen on stats, or interview performance, or more holistically?
I'm honestly not sure
[] baddestbunny
17:31
is Cornell a school where only people who interview get in?
I think so
She said historically a quarter get interview invites and then two thirds of those people get in.
soap
17:35
Did she say anything regarding if decisions will start to come out soon?
17:47
username changed
17:51
cockenheimer
17:56
when u boutta detonate some bomb dick u be like
17:56
cockenheimer
[] baddestbunny
17:57
sloppenheimer
17:58
*tips cap*
17:58
m'lady ahh gesture
18:04
seing smells rn
18:04
and smelling sights
@soap: I asked and she did not have an answer
soap
18:10
aw man. I hope it’s soon…
I'm sure it will be
[] baddestbunny
18:26
how soon is now
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