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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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imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.
1a2b3c4d26z
11:26
Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on
I 100% agree with the self selection, I also am not even close to touching the medians there. However I think the huge PS plus the video and especially the very specific criteria for the why Berkeley essay is pretty crazy
I'm curious, how bold can one be in those videos? Is it worth making a satirical Jason Statham-action short if the adcoms have no sense of humor?
the more risk you take the higher chance of it backfiring
my instinct would be low humor bc if they have such a complex application I would feel hesitant to use a major part of it as a joke. They clearly take their admissions seriously and a joke video might convey the wrong thing at the wrong time. I think that humor is best put into a PS anecdote where it adds some shine to your personality
safe is always better
All good points
triplethread
11:34
@TheAdoptedOne: amazing
I almost did one for Vanderbilt and my idea was to do a documentary-style vid where I and others talked about me like it was an ESPN 30 for 30.
1a2b3c4d26z
11:36
I was risky in maybe one or two of my essays in that some parts read as slightly humorous, but I really tried to suss out the vibe for each school. I feel like Berk and UMich may be more accommodating of a more "out there" approach than other schools I applied to
1a2b3c4d26z
11:37
but that's literally just going off vibes
it looks like Berk vid is in response to a known prompt. My thinking is it may be a counter to AI by getting people to have to respond to what is essentially an essay prompt but on video
"I think really it’s more the USNWR change that emphasizes employment outcomes in school rankings. Schools want to admit people who have the skills to be more likely to land great jobs even more than before, and being a good interviewer is a very important for that. They want to see you have the soft skills." from a reddit comment
1a2b3c4d26z
11:38
One funny thing when talking to lawyers at work is that they will always say how they wish more law schools had interviews to make sure you can like... talk to people and form sentences
getting lunch no one say anything funny or do anything cool for 15 mins
triplethread
11:43
my dick fell off
Trump dropped out of the race
TheMidwestMonger
11:46
Any chance Notre Dame releases earlier this year?
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