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Simple English definitions for legal terms

dual-priorities rule

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A quick definition of dual-priorities rule:

The dual-priorities rule is a principle that says that if a partnership goes bankrupt, the creditors of the partnership have the first right to the partnership's assets, while the creditors of individual partners have the first right to the personal assets of those partners. This rule used to be followed, but now bankruptcy laws and the Revised Uniform Partnership Act have changed it. Now, partnership creditors can access all assets of bankrupt partners, not just what's left after individual creditors have been paid. This rule is also called the jingle rule.

A more thorough explanation:

The dual-priorities rule is a principle that states that partnership creditors have priority for partnership assets, while individual creditors have priority for a partner's personal assets. This means that if a partnership goes bankrupt, the partnership's creditors will be paid first from the partnership's assets, and if there is any money left over, the individual creditors will be paid from the partner's personal assets.

For example, if John and Jane are partners in a business, and the business goes bankrupt, the partnership's creditors will be paid first from the business's assets. If there is any money left over, John's personal creditors will be paid from his personal assets, and Jane's personal creditors will be paid from her personal assets.

However, this rule has been abandoned by the bankruptcy laws and the Revised Uniform Partnership Act. The Bankruptcy Code now allows partnership creditors access to all assets of bankrupt partners, not just those remaining after payment to individual creditors. This means that if John and Jane's business goes bankrupt, all of their assets will be used to pay off the partnership's creditors, regardless of whether they are personal or partnership assets.

dual-persona doctrine | dual-prosecution rule

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Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
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