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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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1a2b3c4d26z
17:09
which garmin do you have?
1a2b3c4d26z
17:10
If that pic is of you
Kendrick album so good, I wasn't even focused on admissions today
oh i was just lisenting to him on the car ride hnome
awman i was hopign to come home to a ucla wave
is it too late? its 2pm there
OMG U MEAN A NEW ALBUM OMGG NOW I CAN BE DISTRACTED AGAIN
shaquilleoatmeal
17:14
Nah not a Garmin, Apple watch
We not gonna see splitterus for 4 hrs
HAHAHAHHA
MRS CLITTERUS
JumpySubsequentDolphin
17:17
I’ve barely gotten through chromakopia I can’t deal with another album drop rn
JumpySubsequentDolphin
17:17
this is so stressful
wait but actually is there no wave today
i dont really like chromakopia that much i also havent gotten thru it
JumpySubsequentDolphin
17:18
idk splitty :(
if there's no gtown today that would be so cruel
surely gtown 12 minutes from now
I'm a chromokopia fan, but I don't like Tyler outside of that album
theres the spirit!!
JumpySubsequentDolphin
17:18
@SplitterusClitterus: did you like cmiygl? that’s one of my all time fave albums
Kind of a controversial take. I like experimental albums a lot
babycat
17:19
liking chromakopia and not Tyler's other stuff is crazy to me
JumpySubsequentDolphin
17:19
perhaps im biased bc i saw him live when he performed cmiygl for the first time
i think it is a controverisal take and i usually do too, i also think im giving an opinion too early cuz i habvent finished it at all
yeah seeing him live prob makes it a million times better
Thought I was dead is great raps
2024 such a great year for rap
JumpySubsequentDolphin
17:21
i like noid
even outside the beef. Noid is great too
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