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LSDefine

Simple English definitions for legal terms

lapping

Read a random definition: false news

A quick definition of lapping:

Definition: Lapping is when an employee takes money from one customer's account and uses another customer's payment to cover it up. They keep doing this with more customers' payments to hide the theft. It's like a game of musical chairs with money, but it's illegal and dishonest.

Definition: Lapse means that something ends or goes away because someone didn't do what they were supposed to do or because something unexpected happened. For example, if you don't use a coupon before it expires, it will lapse and you won't be able to use it anymore. In a will, if someone who was supposed to get a gift dies before the person who wrote the will, the gift might lapse and go to someone else instead.

A more thorough explanation:

Lapping is a type of embezzlement where an employee takes money from one customer's account and uses another customer's payment to cover it up. This process is repeated with multiple customers to hide the theft.

  • An employee takes $100 from Customer A's account and uses $50 from Customer B's payment to cover it up. Then, they take $50 from Customer C's payment to cover the remaining amount owed to Customer A.
  • Another employee takes $500 from Customer X's account and uses $200 from Customer Y's payment to cover it up. Then, they take $300 from Customer Z's payment to cover the remaining amount owed to Customer X.

These examples illustrate how lapping works. The employee takes money from one customer's account and uses another customer's payment to cover it up. This process is repeated with multiple customers to hide the theft.

Lapse refers to the termination of a right or privilege due to a failure to exercise it within a time limit or because of a contingency that has occurred or not occurred. In the context of wills and estates, it can also refer to the failure of a testamentary gift when the beneficiary dies before the testator dies.

  • If a person fails to renew their driver's license before the expiration date, their license will lapse, and they will no longer have the privilege to drive legally.
  • If a person fails to pay their insurance premium on time, their policy may lapse, and they will no longer have coverage.
  • If a person leaves a gift to their friend in their will, but the friend dies before the testator dies, the gift will lapse, and the friend's heirs will not receive it.

These examples illustrate how lapse works. If a person fails to meet certain conditions or deadlines, they may lose their right or privilege, or a gift may not be fulfilled.

lappage | lapsed devise

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11:45
@m10: at undergrad froshers: https://www.youtube.com/watch?v=6YEarMyIAzs
m10
11:46
@EvolBunny: God damn, classic Randy.
babycat
11:48
Going to law school with you is even more fun than going to San Sebastian, Irún, Hendaye, Biarritz, Bayonne or being sick to my stomach on the Travesera de Gracia in Barcelona partly because in your orange shirt you look like a better happier St. Sebastian partly because of my love for you, partly because of your love for yoghurt partly because of the fluorescent orange tulips around the birches partly because of the secrecy our smiles take on before people and statuary
m10
11:49
Man, there is this girl I visit every month at this one restaurant who I used to go skinny dipping with naked like @ararara always talked about in San Diego. We randomly reconnected like two months ago at this place she works at and we talk a lot about John Steinbeck books. If I don't visit her this month, she might be sad. However, this is my first day not sick and I worry about getting her sick and I am broke. What should I do LSD?
m10
11:49
Thanks @babycat that means a lot!
m10
11:50
Glad we can both be content at Scalia law. One of my favorites.
you can ask her if she wants to risk getting sick
11:50
hi lsd
m10
11:50
I dont have her number or any social media. This is one of those regular kinda things in restaurant and bar culture.
11:50
berk td is unlikely so BERK MONDAY :eyes:
hi eggan :)
babycat
11:52
@m10: I’m not going to DC this isn’t going to work out
11:55
hello all
hello info man
@m10: go see her it's worth the risk
11:55
hey wasp
babycat
11:56
hi information man
m10
11:56
Thanks wasp, I will.
11:56
hey babycat
m10
11:56
@babycat: What I am referencing earlier with the balls comment. https://youtu.be/qjRBAhWPT7g?si=MxPwIM12dco_Ad2M&t=3325
BulbasaurNoLikeCardio
11:56
Not worth the risk. Get a girl sick and she will remind you forever. Tell her whats up but do not share germs
m10
11:56
was*
JumpySubsequentDolphin
11:57
wear a mask
JumpySubsequentDolphin
11:57
go back to Covid days
m10
11:58
Nah nah she would not like that. She is conservative.
BulbasaurNoLikeCardio
11:58
Tell her you just got over a cold and if she wants to try and steal your germs its on her but no one likes being sick so hopefully she is chill
m10
11:59
We will see. This is enough feedback. Thank you all.
12:00
tell her you wanna test and see if your immune systems are compatible, that gets the ladies going
m10
12:00
Lol, maybe
babycat
12:00
lmao when you give the republican baddie the ick by masking up
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