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Simple English definitions for legal terms

Durrett rule

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A quick definition of Durrett rule:

Durrett Rule: A rule in bankruptcy that says if someone sells something for less than 70% of its value, it might not be allowed. This rule is often used for foreclosure sales. However, the U.S. Supreme Court has said that for mortgage foreclosure sales, the price received at a regular sale is fair and reasonable.

A more thorough explanation:

The Durrett Rule is a principle in bankruptcy law that states that a transfer of property in exchange for less than 70% of its value should be considered a preferential transfer and invalidated. This rule was established in the case of Durrett v. Washington Nat'l Ins. Co. in 1980 and is now codified in 11 USCA § 548.

For example, if a debtor sells a piece of property worth $100,000 to a friend for only $50,000 shortly before filing for bankruptcy, this transfer may be considered a preferential transfer under the Durrett Rule and could be invalidated by the bankruptcy court.

However, the Durrett Rule has been largely overruled by the U.S. Supreme Court, at least in the context of mortgage foreclosure sales. The Court has held that the price received at a regularly conducted, noncollusive sale represents a reasonably equivalent value of the property, even if it is less than the property's fair market value. This means that foreclosure sales are generally not subject to the Durrett Rule.

Durham rule | Dutch auction

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
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
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