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Simple English definitions for legal terms

one-action rule

Read a random definition: Duration Directive

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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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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