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Simple English definitions for legal terms

purchase-money interest

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A quick definition of purchase-money interest:

Purchase-money interest refers to a type of security interest that is created when a buyer borrows money from a lender to purchase a specific item, such as a car or a house. The lender then has a legal claim on that item until the buyer pays back the loan in full. This type of interest is often used in financing agreements and can provide additional protection for the lender in case the buyer defaults on the loan.

A more thorough explanation:

Definition: A purchase-money interest is a type of security interest that arises when a seller of goods or property finances the purchase for the buyer. The seller retains a security interest in the goods or property until the buyer pays off the purchase price.

Example: John wants to buy a car from Jane, but he doesn't have enough money to pay for it upfront. Jane agrees to finance the purchase and retains a purchase-money interest in the car until John pays off the loan. If John defaults on the loan, Jane can repossess the car.

Explanation: In this example, Jane is the seller and John is the buyer. Jane is financing the purchase of the car, and she retains a purchase-money interest in the car until John pays off the loan. This means that Jane has a security interest in the car, which gives her the right to repossess it if John defaults on the loan.

purchase accounting method | purchase order

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[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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