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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

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

renard99

14:43

@jackfrost11770: It's traditionally tough to get off it but not impossible. Their waitlist isn't ranked so it's certainly within reach if you're interested enough

lilypadfrog

14:43

@ChowieBean: end of nov

SplitterusClitterus

14:43

i applied nov. 15 lily

SplitterusClitterus

14:43

or 12th

renard99

14:43

Also Jack ik you and I haven't talked in a bit but we have similar stats, backgrounds, WE. If you ever want solace in this messy process text me on Discord

ChowieBean

14:44

im still in the queue to be reviewed for penn so

lilypadfrog

14:44

@SplitterusClitterus: I applied like two weeks later. It was one of my last apps

jackfrost11770

14:44

I mean I think you're more likely to get WL than R at UPenn lmao, I'm taking it as an R whatever

ReminiscentZestyFish

14:45

Tru

GreyCeaselessMammoth

14:45

notHim at it again

llama

14:45

notHim is a born WINNER

Eggan

14:47

ya i basically have penn r

Trismegistus

14:48

how would you know

Eggan

14:48

uh wdym. i didnt get penn A or penn WL

jackfrost11770

14:48

Check substatus, it's not an update. I didn't even notice it at first

sadpadresfan

14:48

Substatus?

Eggan

14:48

i cant get into my penn rn so im just assuming

HowlEngineer

14:48

same @Eggan

cumsock

14:49

carole baskin sold all her land

sadpadresfan

14:49

If it says under committee review I’m still alive right

cumsock

14:49

for 20 million fuckin dollars

Trismegistus

14:49

that's what mine saying @sadpadresfan

cumsock

14:49

https://www.linkedin.com/posts/tradedmiami_miami-realestate-tradedmia-activity-7287591415927255041-BtDo?utm_source=share&utm_medium=member_desktop

Eggan

14:50

ya im on the plane so it wont let me log into lsac for some readon

Eggan

14:50

for another 2 hours

lilypadfrog

14:50

im out here in miamiiiii

renard99

14:50

Whoa someone got Penn WL but Harvard A earlier what the heck

Trismegistus

14:50

happens all the time

renard99

14:51

I stg every time I see you that Jorge Ben song starts playing in my head again

Trismegistus

14:51

LOL

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