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LSDefine

Simple English definitions for legal terms

settle up

Read a random definition: jacens

A quick definition of settle up:

Term: SETTLE UP

Definition: Settle up means to collect and pay off debts and property that belong to someone who has died, gone bankrupt, or has a business that cannot pay its debts. It's like making sure everything is paid for and given to the right people.

A more thorough explanation:

SETTLE UP

Settle up is a verb that means to collect, pay, and turn over debts and property. This is usually done when someone dies, a business goes bankrupt, or becomes insolvent.

1. After my grandfather passed away, we had to settle up his estate by paying off his debts and distributing his property among his heirs.

2. The company went bankrupt, and the court appointed a trustee to settle up the company's debts and assets.

These examples illustrate how settle up is used to describe the process of collecting debts and distributing property in situations where someone has died or a business has become insolvent. In both cases, there are debts that need to be paid and assets that need to be distributed, and settling up refers to the process of doing so.

settlement-first method | set up

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JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
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yo splitterus are you in school already
20:50
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JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
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people were getting excited :sob:
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then someone was like "what does jm stand for" and i was like .. well
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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