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LSDefine

Simple English definitions for legal terms

maritime interest

Read a random definition: due, owing, and unpaid

A quick definition of maritime interest:

Maritime interest refers to the interest charged on a loan that is secured by a ship or its cargo. This means that if the borrower is unable to repay the loan, the lender can take possession of the ship or its cargo to recover their money. Because this type of loan is considered risky, the interest rate charged can be very high.

A more thorough explanation:

MARITIME INTEREST

Maritime interest refers to the interest charged on a loan that is secured by a sea vessel or its cargo, or both. Due to the high risk involved in lending money for such purposes, the interest rate charged on such loans is usually very high.

For instance, if a shipping company takes a loan to purchase a cargo ship, the lender may charge maritime interest on the loan. Similarly, if a company borrows money to transport goods via sea, the lender may charge maritime interest on the loan.

Another example could be a fisherman who takes a loan to buy a new boat. The lender may charge maritime interest on the loan as the boat is used for fishing in the sea, which is considered a high-risk activity.

The examples illustrate how maritime interest is charged on loans that are secured by sea vessels or their cargo. The lenders charge high-interest rates due to the high risk involved in lending money for such purposes. The borrowers, in turn, have to pay a higher amount of interest on the loan as compared to other types of loans.

maritime flavor | maritime jurisdiction

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love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
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every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
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Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
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i just wanna rock
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bodyadaya
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let it rock
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How are the vibes heading into thanksgiving yall?
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14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
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Cornell
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@HopefullyinLawSchool What's YM?
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oh no
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you mom
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Ouch
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your*
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I fear I realized too late
babycat
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another victim claimed
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pwned
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Might have to send in addendums for that
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No wave, so sad.
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What are the odds that berk releases later today?
babycat
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@Dkk: And here I thought you were a prophet. Smh.
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