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LSDefine

Simple English definitions for legal terms

secondary creditor

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A quick definition of secondary creditor:

A creditor is someone who is owed money or goods by another person or entity. They have a claim that can be adjusted and paid off. A secondary creditor is a creditor whose claim is not as important as a preferred creditor's claim. For example, if someone owes money to two different creditors, the preferred creditor will be paid first, and the secondary creditor will be paid after.

A more thorough explanation:

A secondary creditor is a person or entity who has a claim against a debtor, but their claim is not as important as the claim of another creditor. This means that if the debtor cannot pay all their debts, the secondary creditor will only receive payment after the preferred creditor has been paid in full.

For example, if a company owes money to two creditors, one of whom has a secured claim and the other has an unsecured claim, the secured creditor is the preferred creditor and will be paid first. The unsecured creditor is the secondary creditor and will only receive payment if there is any money left over after the secured creditor has been paid.

secondary conveyance | secondary devise

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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