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LSDefine

Simple English definitions for legal terms

lapping

Read a random definition: usucapio

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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