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Simple English definitions for legal terms

dragnet clause

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A quick definition of dragnet clause:

Term: DRAGNET CLAUSE

Definition: A dragnet clause is a legal term that refers to a clause in a contract that allows a lender to seize any and all assets of the borrower, even those not specifically listed as collateral, in the event of a default. This clause is also known as a mother Hubbard clause or a cross-collateral clause. Essentially, it gives the lender the power to cast a "dragnet" over all of the borrower's assets to ensure repayment of the loan.

A more thorough explanation:

A dragnet clause is a legal term that refers to a clause in a contract that allows a lender to seize any and all assets of the borrower in the event of a default. This means that the lender can take any property or assets that the borrower owns, even if they were not specifically pledged as collateral for the loan.

For example, let's say that John takes out a loan from a bank and pledges his car as collateral. The loan agreement includes a dragnet clause. If John defaults on the loan, the bank can not only repossess his car but also seize any other assets he owns, such as his house or savings account.

Another example is a business owner who takes out a loan to purchase equipment and pledges the equipment as collateral. If the loan agreement includes a dragnet clause, the lender can also seize any other assets of the business, such as inventory or accounts receivable, in the event of a default.

The dragnet clause is often used by lenders to provide additional security for loans, but it can be risky for borrowers who may lose all of their assets if they default on the loan.

draftsman | Drago doctrine

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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
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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