11:18
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
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Warning
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LSDefine
Simple English definitions for legal terms
respondentia
Read a random definition: involuntary bankruptcy
A quick definition of respondentia:
Term: RESPONDENTIA
Definition: Respondentia is a type of loan where a lender gives money to a borrower using the borrower's goods or cargo as security. This means that if the borrower cannot pay back the loan, the lender can take possession of the goods or cargo and sell them to recover their money. It is often used in the shipping industry to finance the transportation of goods.
A more thorough explanation:
Respondentia is a type of loan where a lender gives money to a borrower using a valuable item, like a ship or cargo, as collateral. The borrower agrees to pay back the loan with interest, and if they can't, the lender can take possession of the collateral and sell it to recover their money.
Let's say a ship owner needs money to pay for repairs and operating costs. They can't get a traditional loan because they don't have any other assets to use as collateral. So, they enter into a respondentia agreement with a lender. The lender gives them the money they need, using the ship as collateral. The ship owner agrees to pay back the loan with interest, and if they can't, the lender can take possession of the ship and sell it to recover their money.
Another example could be a cargo owner who needs money to pay for transportation costs. They can use the cargo as collateral in a respondentia agreement with a lender. The lender gives them the money they need, and the cargo owner agrees to pay back the loan with interest. If they can't, the lender can take possession of the cargo and sell it to recover their money.
These examples illustrate how respondentia works and how it can be used as a way to secure a loan when traditional collateral isn't available.