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LSDefine

Simple English definitions for legal terms

debt limitation

Read a random definition: Romanist

A quick definition of debt limitation:

Debt limitation is a rule that says you can only borrow up to a certain amount of money. This applies to individuals, businesses, and governments. Some states have laws that forbid them from borrowing more than a set amount, while others require a vote from the people to borrow more. Debt is when you owe someone money, either because of an agreement or because of something you bought. There are different types of debt, like community debt that both husband and wife are responsible for, or consumer debt that is for personal use. Some debts are secured by collateral, like a house or car, while others are not. If you can't pay back your debt, it can become a problem and even lead to bankruptcy.

A more thorough explanation:

Definition: Debt limitation refers to a maximum amount of borrowing that an individual, business, or government can undertake. Some state constitutions prohibit states from incurring debt beyond a certain limit, while others require a vote of the people to exceed the limit.

Example: The state of California has a debt limitation of $300,000,000 for general obligation bonds. This means that the state cannot issue bonds beyond this limit without obtaining voter approval.

This example illustrates how debt limitation works in practice. The state of California cannot borrow more than $300,000,000 without seeking approval from the voters. This helps to ensure that the state does not accumulate too much debt and become financially unstable.

debt instrument | debtor rehabilitation

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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