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LSDefine

Simple English definitions for legal terms

individual asset

Read a random definition: simultaneous-death clause

A quick definition of individual asset:

An individual asset is something that a person owns and has value. It can be things like money, inventory, equipment, real estate, or even goodwill. When someone dies or goes bankrupt, all their assets are used to pay off debts or given to others. Some assets can be easily turned into cash, while others are harder to sell. A partnership also has individual assets, which are the personal property of each partner.

A more thorough explanation:

An individual asset is an item that is owned and has value. It can be anything from cash, inventory, equipment, real estate, accounts receivable, to goodwill. It can also refer to all the property of a person, especially a bankrupt or deceased person, available for paying debts or for distribution.

For example, if a person owns a car, a house, and some stocks, each of these items is considered an individual asset. If the person passes away, these assets will be used to pay off any debts and then distributed to their heirs.

Another example is a business that owns a building, equipment, and inventory. Each of these items is considered an individual asset that contributes to the overall value of the business.

Overall, individual assets are important because they represent the value that a person or business owns and can be used to pay off debts or generate income.

individual account plan | individual debt

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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
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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