10:42
i have a question about my personal statement. in my activism for the hospitality workers' union, i organized and spoke up in favor of stronger regulations on airbnb because the unregulated spread of airbnb throughout LA was inflating housing costs for workers and threatening their job security. do you think it's too divisive to mention regulating airbnb? idk
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Simple English definitions for legal terms
limitation on indebtedness
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A quick definition of limitation on indebtedness:
errorA more thorough explanation:
Limitation on indebtedness refers to a restriction placed on borrowing by an individual, business, or government. It is also known as debt limitation.
For instance, the constitutions of many states in the US prohibit the states from incurring debt beyond a certain amount. In some other states, the constitution allows the states to incur debt above a certain amount only through a vote of the people.
For example, the constitution of California limits the state's indebtedness to 8% of the total assessed value of property in the state. This means that the state cannot borrow more than 8% of the total assessed value of property in the state.
Another example is the debt ceiling imposed by the US Congress, which limits the amount of money the federal government can borrow. The debt ceiling is a statutory limit on the amount of national debt that can be issued by the Treasury.
These examples illustrate how limitation on indebtedness works to prevent individuals, businesses, and governments from borrowing beyond their means and getting into financial trouble.