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baddestbunny
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Simple English definitions for legal terms
out of the money
Read a random definition: reasonable excuse
A quick definition of out of the money:
When someone owes money to another person or company, but they don't have enough money or assets to pay it back, they are considered "out of the money." This means that the creditor will not be able to collect the money they are owed.
A more thorough explanation:
Definition: When a creditor is unpaid because the debtor does not have enough assets to pay the claim.
Example: If you borrow money from a bank and are unable to pay it back, the bank may consider your loan to be out of the money.
Explanation: This means that the bank will not receive the money that was borrowed because the borrower does not have enough assets to pay it back. The bank is considered to be "out of the money" in this situation.
Definition: When someone is outside of the state they normally reside in.
Example: If you live in California but are currently visiting New York, you are out of the state.
Explanation: This means that you are not currently in the state that you normally reside in. In this example, the person normally resides in California but is currently visiting New York, so they are out of the state.
Definition: When something is done after a deadline or when it is too late.
Example: If you try to file a lawsuit after the statute of limitations has expired, the lawsuit is considered to be out of time.
Explanation: This means that the lawsuit cannot be filed because it is too late. In this example, the statute of limitations has expired, so the lawsuit is out of time and cannot be filed.