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LSDefine

Simple English definitions for legal terms

limitation on indebtedness

Read a random definition: Westlaw

A quick definition of limitation on indebtedness:

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A 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.

limitation-of-remedies clause | limitation period

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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