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LSDefine

Simple English definitions for legal terms

passive debt

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A quick definition of passive debt:

Passive debt is money that someone owes to another person or entity, but there is no interest charged on it. It is a type of liability that can be either a specific amount of money owed or the total amount of all outstanding debts. Debt can also be in the form of goods or services owed to someone else. There are different types of debt, such as secured debt, unsecured debt, and short-term debt. Some debts may be discharged through bankruptcy, while others may be considered nondischargeable.

A more thorough explanation:

Passive debt is a type of debt that is interest-free, as agreed upon by the debtor and creditor. It is a liability on a claim, which means a specific sum of money that is due by agreement or otherwise. Passive debt is the opposite of active debt, which is a debt due to another person.

Example: John owes $5,000 to his friend Tom. They agree that John will pay back the debt without any interest. This is an example of passive debt.

Passive debt is beneficial for debtors as they do not have to pay any additional interest on the borrowed amount. However, creditors may not prefer passive debt as they do not earn any interest on the loaned amount.

passive conduct | passive duty

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Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
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I shop at Joe
HopefullyInLawSchool
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Joe's
glovediedthisishismom
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i shop at tawget
glovediedthisishismom
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im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
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