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LSDefine

Simple English definitions for legal terms

floor-plan rule

Read a random definition: loan participation

A quick definition of floor-plan rule:

Floor-Plan Rule: If you put your car up for sale in a dealership, you can't later say that you didn't sell it if the dealership sells it to someone else who didn't know it wasn't yours to sell.

A more thorough explanation:

Definition: The floor-plan rule is a principle that states that if a vehicle owner puts their vehicle up for sale in a retail dealer's showroom, they cannot deny the title of an innocent purchaser who buys the vehicle from the dealer in the normal course of retail business.

For example, let's say John owns a car dealership and he buys a car from Jane to sell in his showroom. John pays Jane for the car and puts it up for sale. A few days later, Sarah comes into the dealership and buys the car from John. Later, Jane tries to claim that she still owns the car and wants it back. However, because of the floor-plan rule, Jane cannot deny Sarah's ownership of the car because Sarah bought it from John in the normal course of retail business.

The floor-plan rule is designed to protect innocent purchasers who buy vehicles from dealerships. It ensures that if a vehicle is put up for sale in a dealership, the owner cannot later claim that they still own the vehicle and take it back from the purchaser.

floor planning | floor price

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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?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
14:30
Sent an app to OSU in early december and have STILL not heard back
Give it 4 more weeks at least. Everyone in this chat needs to wait longer.
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