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LSDefine

Simple English definitions for legal terms

liquidate

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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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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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