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LSDefine

Simple English definitions for legal terms

deficiency

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A quick definition of deficiency:

Term: Deficiency

Definition: Deficiency means that someone owes more money than they have. For example, if a person borrowed $550,000 from a bank to buy a house, but the bank could only sell the house for $500,000, the person would still owe the bank $50,000. This is called a deficiency. Deficiency can also happen when someone doesn't pay enough money to the government, like the IRS, and they may have to pay extra fees.

A more thorough explanation:

Deficiency is a term used to describe a situation where there is still money owed after a creditor sells assets that were used to secure a loan. This means that the amount received from the sale of the assets is not enough to cover the full amount owed to the creditor.

  • If a person owes $100,000 on their mortgage and the bank forecloses on their house and sells it for $90,000, there is a deficiency of $10,000.
  • Another example is if a person owes $5,000 in taxes to the IRS but only pays $4,000, they will have a deficiency of $1,000.

These examples illustrate how deficiency occurs when the amount received from the sale of assets or payment is less than the amount owed. In both cases, the creditor is still owed money even after taking action to recover the debt.

deferred compensation | deficiency judgment

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11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.
1a2b3c4d26z
11:26
Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on
I 100% agree with the self selection, I also am not even close to touching the medians there. However I think the huge PS plus the video and especially the very specific criteria for the why Berkeley essay is pretty crazy
I'm curious, how bold can one be in those videos? Is it worth making a satirical Jason Statham-action short if the adcoms have no sense of humor?
the more risk you take the higher chance of it backfiring
my instinct would be low humor bc if they have such a complex application I would feel hesitant to use a major part of it as a joke. They clearly take their admissions seriously and a joke video might convey the wrong thing at the wrong time. I think that humor is best put into a PS anecdote where it adds some shine to your personality
safe is always better
All good points
triplethread
11:34
@TheAdoptedOne: amazing
I almost did one for Vanderbilt and my idea was to do a documentary-style vid where I and others talked about me like it was an ESPN 30 for 30.
1a2b3c4d26z
11:36
I was risky in maybe one or two of my essays in that some parts read as slightly humorous, but I really tried to suss out the vibe for each school. I feel like Berk and UMich may be more accommodating of a more "out there" approach than other schools I applied to
1a2b3c4d26z
11:37
but that's literally just going off vibes
it looks like Berk vid is in response to a known prompt. My thinking is it may be a counter to AI by getting people to have to respond to what is essentially an essay prompt but on video
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