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Simple English definitions for legal terms

pari passu

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A quick definition of pari passu:

Pari passu means that things are done equally and fairly, without giving any preference to one over the other. For example, if a company goes bankrupt, all the creditors will receive their share of the money pari passu, which means they will get an equal amount of money without any preference given to one creditor over the other.

A more thorough explanation:

Pari passu is a Latin term that means "by equal step." It refers to the idea of treating things or people equally and without preference. In financial terms, it means that creditors or investors will receive their share of a company's assets or profits proportionally and without any preference given to one over the other.

For example, if a company goes bankrupt and has to distribute its assets to its creditors, they will receive their share pari passu. This means that each creditor will receive a portion of the assets that is proportional to the amount they are owed, without any preference given to one creditor over another.

Another example is in the case of preferred stock and common stock. If a company issues both types of stock, the dividends paid to each type of stock will be pari passu. This means that the dividends will be paid out proportionally to the number of shares held, without any preference given to one type of stock over the other.

These examples illustrate the concept of pari passu, which is about treating things or people equally and without preference. In financial terms, it ensures that creditors and investors are treated fairly and receive their share of a company's assets or profits in a proportional and unbiased manner.

parimutuel betting | pari ratione

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shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
shaquilleoatmeal
19:50
Yea did it a week and half ago, told us we won’t hear anything until end of December if we’re lucky, most likely first week of jan
shaquilleoatmeal
19:50
Said no one works after Monday this week and no one works week of Christmas
shaquilleoatmeal
19:50
So holiday takes time away from app review
snow
19:54
True @shaq and do it jumpy!!
20:06
Hi everyone! Decided a bit too late that I wanted to go into law. GPA currently stands at 3.76 (one more semester to go) and I'm interested in going into immigration law. Anybody got any advice for LSAT studying and applications? I plan on taking a gap year to have some time for internships and such :)
snow
20:08
Apply for the LSAT fee waiver to try to mitigate the cost of materials! 7Sage is $1 for a year if you have the fee waiver. I also think you should try to work in an immigration firm in some way to see if it’s something you really want to pursue and to add to your resume. Good luck!!! One tip I would also give is to not sign up for the LSAT until you’re practice tests average are around the score you’re aiming for
snow
20:08
Your*
snow
20:08
You got this! :)
madollyy
20:09
thank you snow <3
Dkk
20:15
@madollyy: use LSAT Demon!
Dkk
20:16
Watch their youtube channel too
madollyy
20:23
Would an internship through CHCI help my application as well?
Dkk
20:29
@madollyy: It would help as a soft but the big focus should be GPA while you can and LSAT right now. I would say GPA is 40% of the app, LSAt 50% and everything else 10%.
snow
20:31
I agree with dk ^
madollyy
20:31
Got it, thank you. I don't think there is much I can do for my GPA now since I only have 1 semester left for ug but I definitely will be studying my butt off for the LSAT.
Dkk
20:32
Nice!
madollyy
20:32
I really appreciate your advice, guys <3 Wishing you luck on your endeavors!
JumpySubsequentDolphin
20:32
@madollyy: is that your CAS GPA?
madollyy
20:33
That's what's on my transcript! I haven't done that one yet tbh. I get mostly A's, some B's. Got dragged down a bit too much from one D in my first semester though ><
JumpySubsequentDolphin
20:34
do you have any A+’s? that could help your gpa!
JumpySubsequentDolphin
20:36
bc LSAC recalculates A+ to 4.3
madollyy
20:39
Noo :( Unfortunately. I'm surprised that I don't, there were definitely some classes that I remember scoring 98-100% but it doesn't show on my transcript
madollyy
20:41
Acutally
madollyy
20:41
My university does not list A+
JumpySubsequentDolphin
20:42
yeah my university’s the same way, so frustrating! still a great GPA and with a killer LSAT score you’ll be good to go :)
JumpySubsequentDolphin
20:42
if you have the means, I’ve heard private tutoring is the way to go
madollyy
20:44
Fingers crossed! I mean I'd be so so glad to go to law school period, but I am a bit of an overachiever. Dream is Berkeley rn, but I'm of course happy to go anywhere that lines up with my plans. And is kind enough with scholarships lol
madollyy
20:44
I'll have to see if my parents are willing to support that. I'm living on my own but ik if it'd help me they'd be willing to help
JumpySubsequentDolphin
20:47
who knows, you might not even need a tutor! Take a diagnostic and see where you stand :)
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