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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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RoaldDahl
16:05
dodged the mich r wave what does this mean
HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
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