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Simple English definitions for legal terms

rule of marshaling assets

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A quick definition of rule of marshaling assets:

The rule of marshaling assets is a fair rule that says if a person owes money to two or more creditors, they must first use the money from the fund that is not available to the junior creditor to pay off the senior creditor. This prevents the senior creditor from taking all the money from the only fund available to the junior creditor, which would be unfair. It is also called the marshaling doctrine, rule of marshaling securities, or rule of marshaling remedies.

A more thorough explanation:

The rule of marshaling assets is a legal principle that requires a creditor who has multiple sources of payment to first use the source of payment that is not available to a junior creditor. This principle is used to prevent a senior creditor from unfairly excluding a junior creditor from receiving any payment.

For example, let's say that a senior creditor has a mortgage on a property and a junior creditor has a lien on the same property. If the property is sold, the senior creditor must first use any other available funds to satisfy their debt before using the proceeds from the sale of the property. This ensures that the junior creditor will still receive some payment from the sale.

Another example would be if a company has multiple assets that can be used to pay off debts. If a senior creditor has a claim on one of those assets, they must first use the other assets to satisfy their debt before using the asset that is also available to a junior creditor.

The rule of marshaling assets is an important principle in ensuring fairness in debt repayment and preventing senior creditors from unfairly excluding junior creditors from receiving payment.

rule of law | rule of marshaling liens

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Dkk
20:31
Yeah, hot tub is the biggest one.
@Dkk: I feel ur pain with no responses yet
2big2fail
20:31
were you a disney channel child star
we are all going crazy
babycat
20:32
he’s bridgit mendler
2big2fail
20:32
im just waiting for pellerdine
2big2fail
20:32
peggerdine
Dkk
20:32
Crypto is booming right now and my friend is CPO of a carbon creidt company on the blockchain and the Canadian government has called him like 3 times this week and he needs help so he actually just gave me a job offer today.
i aspire to be bridgit mendler
Dkk
20:32
Nah, just security there.
wait are u actuaLLY a big crypto guy
m10
20:33
Yeah, like huge into the Cardano space. One of the runner ups for the government on Cardano.
do yall think admissions judges what job you have during ur gap year
babycat
20:34
probably
m10
20:34
My constitution that I wrote is getting submitted on the 30th and if the community likes it, then I will be the first person in the world to write a constitution for on-chain blockchain based governance.
m10
20:34
Right now it's me and two other people.
babycat
20:34
you should meet the urbit guys. they have thielbux I think
damn, i was impatient to hear back from my jobs so i was just gonna work retail but idk if admissions is high brow about that
m10
20:35
@babycat: I may have already met them. I met urbit people like 3-4 years ago. It's just hard to do their stuff.
m10
20:35
Ahh any work is good work to admissions usually.
babycat
20:36
yeah I thought she meant like a year before she applied. if you already applied it doesn’t matter all that much
m10
20:36
Personally, I have only helped launch two coins but my friends want to launch a third. Bigegst project is probably disco solaris: https://www.jpg.store/collection/moebiuspioneersdressed
ohh yeah i mean right now cuz im still waiting and i dont like being unemployed but i dont know if theyd be like she works at aerie not a finance firm ew
m10
20:37
And then, the sexy naked ones hehehehe: https://www.jpg.store/collection/moebiuspioneersnakeddiscos
babycat
20:37
@m10: I don’t like that they’re all tied to pictures of people
i also think getting a job faster will help with going crazy over admissions even if its not as "fancy"
m10
20:38
All of what? That's like the only NFT project I worked on that was moderately good @babycat
@m10: thats so cool
JumpySubsequentDolphin
20:41
hi SPLITTY I think you should get a job at aerie for the discount
babycat
20:41
what if I just want to purchase the value without owning a lady with x tape on her boobies?
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