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Simple English definitions for legal terms

collateral note

Read a random definition: government-agency security

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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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
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@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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