LSDefine

Simple English definitions for legal terms

known creditor

Read a random definition: SLSDC

A quick definition of known creditor:

A known creditor is someone who is owed money by another person or entity. This could be because they loaned money or provided goods or services. The debtor knows who the creditor is or can easily find out. Known creditors have the right to be notified if the debtor files for bankruptcy or dissolves their business, and they may need to file a claim to get their money back.

A more thorough explanation:

A known creditor is a person or entity that is owed a debt by another person or entity. The identity or claim of the creditor is either known or can be reasonably ascertained by the debtor.

For example, if a person owes money to a bank, the bank is a known creditor. If a company owes money to a supplier, the supplier is a known creditor.

Known creditors are entitled to notice of the debtor's bankruptcy or corporate dissolution, as well as notice of any deadline for filing proofs of claim.

knowledge-of-falsity exclusion | known heir

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

JuicyApple

19:27

Ahh lmfao I couldn't remember the 2 chainz song correctly

JuicyApple

19:27

All I want for my birthday is a big booty hoe (2 Chainz)

JuicyApple

19:27

Why the fuck did I think Christmas

JuicyApple

19:28

Somebody said they saw you The person you were Fuuuuuckking wasn't me And I would never ask you I just kept it to myself

JuicyApple

19:28

Simpest song ever to take off.

Arianq4

20:21

hi ;-;

JuicyApple

20:21

Hello there

crabapple

20:35

deferred acceptance off the waitlist only works at yale

llama

20:39

@crabapple: Is that so?

Arianq4

20:47

any advice on what i should do for my summers? not a lot of legal-related internships near me.

Arianq4

20:50

-- as an undergrad

crabapple

20:51

@llama: There was one guy who did it successfully last year, I'll see if I can find the post for you. Absolutely not a normal practice though -- nor should it be!

crabapple

20:52

Imagine if you were trying to apply to law school and half the seats were already taken by schmucks from last year's waitlist

llama

20:52

@crabapple: I would LOL. Real shyster move tho, you rite.

llama

20:53

@Arianq4: 1. Move. 2. Pursue other, non legal work, then take a year after UG to work if u wish

llama

20:54

A shyster: is a person who is dishonest or unethical, especially in the practice of law. The term is often used as a derogatory term for lawyers. pinnacle word choice imo.

SaddestPortlander

21:22

@crabapple: mich puts it out as an option and said in a waitlist session this year that they want to take more people than normal this way due to app volume

SaddestPortlander

21:23

it makes sense for me because I got a new opportunity for a year and figured it wouldn't hurt to ask

HeadyInvincibleRabbit

22:14

was there a vandy wave today? seems like a small one

crabapple

22:26

Oh okay my bad I have never been waitlisted at umich so I wouldn’t know how they do that splish

ReadyThinWerewolf

23:02

hey guys

ReadyThinWerewolf

23:03

do you think a low gpa automatically disqualifies you

ReadyThinWerewolf

23:03

from good law schools

tonkatruck

23:36

no

omelette

0:08

define "good law school:

omelette

0:09

there are plenty of "good" regional non-T14 law schools by employment standards. but i assume u mean T14 or T20

JuicyApple

0:46

@ReadyThinWerewolf: Yeah, I mean you got like Berk this year that hasn't dipped under 3.6. Some are like that.

JuicyApple

0:46

nm they dipped under for like idk 10 fucking people.

JuicyApple

0:46

Yeah, if you dont have at least a 3.7 it means you fucked around and didn't try hard in undergrad.

JuicyApple

0:48

Here we will do Yale. 3 people got in lower than a 3.75. So yeah, some schools are practically unreachable without some insane soft if you don't have a good gpa.

LSD+ is ad-free, with DMs, discounts, case briefs & more.