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Simple English definitions for legal terms

nonrecourse loan

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A quick definition of nonrecourse loan:

A nonrecourse loan is a type of loan where the lender can only take the collateral (like a house or car) if the borrower can't pay back the loan. The lender can't go after the borrower's personal assets. It's like borrowing a toy from a friend, but if you can't give it back, they can only take the toy and not anything else you own.

A more thorough explanation:

A nonrecourse loan is a type of secured loan where the lender can only seize the collateral if the borrower defaults on the loan. The lender cannot go after the borrower's personal assets to recover the loan amount.

For example, if a borrower takes out a nonrecourse loan to buy a car and defaults on the loan, the lender can only repossess the car and sell it to recover the loan amount. The lender cannot sue the borrower for any remaining balance if the sale of the car does not cover the full loan amount.

Another example is a nonrecourse mortgage loan. If the borrower defaults on the loan, the lender can only foreclose on the property and sell it to recover the loan amount. The lender cannot sue the borrower for any remaining balance if the sale of the property does not cover the full loan amount.

Nonrecourse loans are often used in real estate and commercial lending, where the collateral is the property or the business itself. They are less risky for borrowers because they limit the lender's ability to go after their personal assets.

nonrecognition provision | nonrecourse note

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

BulbasaurNoLikeCardio

9:35

I have a homie with great stats and I keep telling her she needs to do volunteer work and do extra things to be different. Build an impressive resume and story to match your impressive stats

shaquilleoatmeal

9:35

9/10 times^ last night was wack and im not over it lol

Secret

9:35

Moving forward to looking at writing LOCI. Does anyone have any resources or advice on how/when/what to best write

shaquilleoatmeal

9:36

@Secret: https://barrier-breakers.org/blog/how-to-write-law-school-letters-of-continued-interest

Mostlylegal

9:36

send one right now about how if they let you in duke will make the final four

lilypadfrog

9:36

https://7sage.com/admissions/lesson/what-to-do-after-you-get-waitlisted/

shaquilleoatmeal

9:37

couple of templates too - https://bemoacademicconsulting.com/blog/law-school-letter-of-continued-interest-example

BulbasaurNoLikeCardio

9:37

I am not an expert but I would imagine with your stats a lot of schools will think you have options so I would recommend writing about why that location is a top choice for you not just the school being a top choice. Try to show/convince them you will attend.

[] starfishies

9:37

this is a bit of a sidebar but I bought 7sage for 10 minutes when i thought i'd retake the LSAT in april then clarity sunk in and I realized I shouldn't and they refunded me but let me keep the subscription v nice of them

Secret

9:38

When should I think about sending my LOCI. I have heard that I should wait until April. Is that true?

GreyCeaselessMammoth

9:38

i sent one soon after the WL and plan to send another in April

BulbasaurNoLikeCardio

9:39

I only did one and I sent it once Vandy rolled me from ED to RD

shaquilleoatmeal

9:39

i withdrew from duke after the wl but i think the email had details about it

lilypadfrog

9:41

https://www.lsd.law/users/creep/olliewillgotoharvard damn!

Mostlylegal

9:41

olliewillnotgotoharvard

GreyCeaselessMammoth

9:42

thats so brutal

[] starfishies

9:42

this is a bit mean

GreyCeaselessMammoth

9:42

straight R no wl

shaquilleoatmeal

9:42

lmao - if i had to guess, dude thought stats would carry and probably put no effort into the essays and it showed

[] starfishies

9:42

this is more mean lol bro could be in the room with us and is nice to update their results

GreyCeaselessMammoth

9:43

ollie we support you

GreyCeaselessMammoth

9:43

change your name to olliewillgotoUChicago?

KnowledgeableRitzyWasp

9:43

ollie you need better stats than that to go to harvard :(

lilypadfrog

9:44

uchicago famously hates low gpas

GreyCeaselessMammoth

9:44

olliewillgotoUpenn

GreyCeaselessMammoth

9:44

i think he has good chances there

Mostlylegal

9:44

upenn famously hates high lsats

GreyCeaselessMammoth

9:45

https://www.lsd.law/users/creep/UselessPlasticWarthog

GreyCeaselessMammoth

9:45

ollie blueprint

cumsock

9:45

do you think about the days when we sat down smoking wine and drinking haze

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