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Simple English definitions for legal terms

one-action rule

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A quick definition of one-action rule:

The one-action rule is a law that says if someone owes money and has put up their property as collateral, the creditor must first try to take the property before going after any other assets the debtor may have. This means that the creditor cannot try to collect the debt in multiple ways at the same time.

A more thorough explanation:

The one-action rule is a principle in debtor-creditor law that states that if a debt is secured by real property, the creditor must first foreclose on the collateral before going after the debtor's unsecured assets. This means that the creditor cannot sue the debtor for the debt without first taking legal action to foreclose on the property.

For example, let's say that John borrowed $100,000 from a bank to buy a house. The loan is secured by the house, which means that if John fails to make his payments, the bank can foreclose on the property to recover the debt. However, if John also has a car that is not collateral for the loan, the bank cannot simply sue him for the debt without first foreclosing on the house.

The one-action rule is designed to protect debtors from having their unsecured assets seized without first having the opportunity to address the debt through the foreclosure process. It also ensures that creditors are not able to pursue multiple legal actions against the debtor for the same debt.

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triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
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