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Simple English definitions for legal terms

deductis debitis

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A quick definition of deductis debitis:

Term: deductis debitis

Definition: Deductis debitis is a Latin term that means "the debts being deducted." In history, before determining the value of an estate, all debts had to be subtracted from the total amount. This was necessary to accurately assess the true value of the estate.

A more thorough explanation:

deductis debitis

When calculating an estate, deductis debitis means that any debts owed by the estate are subtracted from the total value before determining what is left over.

For example, if someone passes away and their estate is worth $100,000 but they owe $20,000 in debts, deductis debitis would mean that the debts are subtracted from the total value, leaving $80,000 as the remaining value of the estate.

Another example would be if a business is being sold and it has outstanding debts. The debts would need to be deducted from the sale price to determine the actual profit made from the sale.

These examples illustrate how deductis debitis is used to ensure that debts are taken into account when determining the true value of an estate or business.

deduction in respect of a decedent | de ea re ita censuere

General

General chat about the legal profession.

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cumsock

9:45

do you think about the days when we sat down smoking wine and drinking haze

PuppyBot

9:48

morninh

cumsock

9:48

i wanna quit my jorb

cumsock

9:49

and ride the rails

BulbasaurNoLikeCardio

9:49

@cumsock: same and not cause it sucks, I love who I work with/for and it is super easy but I am trying to save a lot of LS so I can ball out while unemployed

BulbasaurNoLikeCardio

9:50

How much is everyone trying to save up for when they get to school?

shaquilleoatmeal

9:51

@PuppyBot: tripppp, u were heavy on my mind last night after the bs in the chat

cumsock

9:51

i plan to be the most frugal mf alive in school

cumsock

9:52

paint chips for dinner

cumsock

9:52

thats what i always eat tho

lilypadfrog

9:52

glove do you want to go dumpster diving with me

cumsock

9:52

yea thats where all the good snacks are

cumsock

9:52

like plastic bags

lilypadfrog

9:53

😋😋😋😋

[] starfishies

9:53

@BulbasaurNoLikeCardio: i didn't think about this until it was too late lol i'll be lucky to save like 7k if that

shaquilleoatmeal

9:54

@BulbasaurNoLikeCardio: saving enough to have mortgage +bills for the first 2 years of law school, figured i can work again after the 2nd year but at least ill give myself the flexibility to focus on school and not bills. A little to the side because life happens and sometimes u need to prepared for hitting rock bottom

BulbasaurNoLikeCardio

9:54

I am trying to be pretty frugal now, looked up the cost to have PODs move my shit and I am like fuck that is a lot. I am trying to squirrel half my monthly income away so I can have a fat amount of cushion

PuppyBot

9:54

@shaquilleoatmeal: how sweet

PuppyBot

9:55

i need to make my matcha

cumsock

9:55

we just need one parlay

BulbasaurNoLikeCardio

9:55

I think my biggest stress will be two mortgages until my current place sells.

shaquilleoatmeal

9:56

@BulbasaurNoLikeCardio: yea 2 is no joke, and diapers cost just as much as 1 mortgage lmao

BulbasaurNoLikeCardio

9:57

diapers are nothing... fucking formula cost and you gotta stock pile because the random shortages

BulbasaurNoLikeCardio

9:58

Wife gets out of the army like 2m after law school starts too and she is going to go to school full time so itll be a tight budget all of the first semester

whenpigsfly

9:59

do u guys know if there are any potential consequences of dropping a job after submitting an app? Like would I have to update my resumes that I’m no longer there

PuppyBot

9:59

do you have a baby registry?

PuppyBot

9:59

thats always a nice way of getting donations

lawperson2030

9:59

I’m also curious of that @whenpigsfly my life has changed significantly sense apps dropped lol

BulbasaurNoLikeCardio

10:00

@PuppyBot: we do/did, pretty much got everything we need for the baby like a closet full of diapers. Mainly just buyying formula and cute outfits for her

lawperson2030

10:00

Congratulations @BulbasaueNoLikeCardio

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