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LSDefine

Simple English definitions for legal terms

equipment

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A quick definition of equipment:

Equipment refers to the tools or objects used for a specific purpose or activity, especially in a business. This can include things like machinery, computers, and vehicles. Under the UCC, equipment also includes goods that are used in a business or by a nonprofit organization or government agency, but are not inventory, farm products, or consumer goods.

An equipment trust is a way for railroads to finance the purchase of equipment. The railroad and a trustee buy the equipment from a manufacturer, with the trustee providing most of the money. The trustee then leases the equipment to the railroad, which pays a rental fee that includes interest, payments to retire the debt, and the trustee's fee.

A more thorough explanation:

Definition: Equipment refers to the tools, machines, or other items used for a specific purpose or activity, especially in a business operation. According to the Uniform Commercial Code (UCC), equipment includes goods that are used in or bought for a business enterprise, profession, farming, nonprofit organization, or governmental subdivision or agency, and are not inventory, farm products, or consumer goods.

Examples: Examples of equipment include:

  • Construction equipment such as bulldozers, cranes, and excavators
  • Office equipment such as computers, printers, and telephones
  • Medical equipment such as MRI machines, X-ray machines, and surgical tools
  • Restaurant equipment such as ovens, refrigerators, and dishwashers

These examples illustrate how equipment is used in various industries and professions to carry out specific tasks or operations. For instance, construction equipment is used to build structures, while medical equipment is used to diagnose and treat patients. Office equipment is used to facilitate communication and productivity, and restaurant equipment is used to prepare and serve food.

Definition: An equipment trust is a financing device commonly used by railroads. In this arrangement, a trustee and the railroad jointly purchase equipment from a manufacturer, with the trustee providing most of the purchase price. The trustee then leases the equipment to the railroad, which pays a rental fee comprising interest, amortization for serial retirement, and the trustee's fee.

This example illustrates how equipment trusts are used in a specific industry, namely railroads, to finance the purchase of equipment. By using an equipment trust, railroads can acquire the equipment they need without having to pay the full purchase price upfront. Instead, they can make payments over time, which can help them manage their cash flow and budget more effectively.

equip | equipment trust certificate

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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