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Simple English definitions for legal terms

liquidate

Read a random definition: ob continentiam delicti

A quick definition of liquidate:

Term: Liquidate

Definition: Liquidate means to sell things that you own in order to get money. Sometimes people or companies choose to sell things they own because they need money for other things. Other times, people or companies are forced to sell things they own because they owe money to someone else. When this happens, a court officer called a sheriff will sell the things and give the money to the person or company that is owed money.

A more thorough explanation:

Definition: To liquidate assets means to sell non-liquid assets on the open market to convert them into liquid assets. This can be done voluntarily or through the bankruptcy process.

Example 1: An individual may choose to liquidate assets to get cash for other obligations. For example, if someone needs money to pay for medical bills, they may sell their non-liquid assets like a car or jewelry to get cash quickly.

Example 2: In the bankruptcy process, a creditor may force a debtor to liquidate assets to collect debt. For instance, if someone owes money to a bank and can't pay it back, the bank may go to court to get a writ of execution. This gives the sheriff the power to take the debtor's assets and sell them to pay off the debt.

Both examples illustrate how liquidating assets involves selling non-liquid assets to get cash. In the first example, the individual chooses to do it voluntarily, while in the second example, it's done through the bankruptcy process.

liquid asset | liquidated damages

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JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
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