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LSDefine

Simple English definitions for legal terms

strip

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A quick definition of strip:

Term: STRIP

Definition: STRIP refers to the process of separating and selling a bond's coupons and corpus separately. This means that the interest payments and the principal amount of the bond are sold as two separate securities. It is also used to describe the act of a tenant who unlawfully takes something from the land they are renting.

A more thorough explanation:

Definition: STRIP refers to two different things:

  1. The act of separating and selling a bond's coupons and corpus separately.
  2. The act of a tenant who, holding less than the entire fee in land, spoils or unlawfully takes something from the land.

Example 1: When a bond is issued, it comes with regular interest payments (coupons) and a final payment of the principal amount at maturity. However, investors can choose to separate these two components and sell them separately. This process is called STRIP or Separate Trading of Registered Interest and Principal of Securities.

Example 2: Let's say a tenant rents a house but only has access to the backyard. If the tenant goes into the front yard without permission and takes flowers from the garden, that would be an example of STRIP in the context of landlord-tenant law.

Both examples illustrate the concept of STRIP, which involves separating something into its component parts and dealing with them separately. In the case of bonds, investors can separate the interest payments from the principal amount and trade them separately. In the case of landlord-tenant law, a tenant with limited access to land takes something that they are not entitled to, separating it from the rest of the property.

string of title | stripped mortgage-backed security

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damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
shaquilleoatmeal
19:50
Yea did it a week and half ago, told us we won’t hear anything until end of December if we’re lucky, most likely first week of jan
shaquilleoatmeal
19:50
Said no one works after Monday this week and no one works week of Christmas
shaquilleoatmeal
19:50
So holiday takes time away from app review
snow
19:54
True @shaq and do it jumpy!!
20:06
Hi everyone! Decided a bit too late that I wanted to go into law. GPA currently stands at 3.76 (one more semester to go) and I'm interested in going into immigration law. Anybody got any advice for LSAT studying and applications? I plan on taking a gap year to have some time for internships and such :)
snow
20:08
Apply for the LSAT fee waiver to try to mitigate the cost of materials! 7Sage is $1 for a year if you have the fee waiver. I also think you should try to work in an immigration firm in some way to see if it’s something you really want to pursue and to add to your resume. Good luck!!! One tip I would also give is to not sign up for the LSAT until you’re practice tests average are around the score you’re aiming for
snow
20:08
Your*
snow
20:08
You got this! :)
madollyy
20:09
thank you snow <3
Dkk
20:15
@madollyy: use LSAT Demon!
Dkk
20:16
Watch their youtube channel too
madollyy
20:23
Would an internship through CHCI help my application as well?
Dkk
20:29
@madollyy: It would help as a soft but the big focus should be GPA while you can and LSAT right now. I would say GPA is 40% of the app, LSAt 50% and everything else 10%.
snow
20:31
I agree with dk ^
madollyy
20:31
Got it, thank you. I don't think there is much I can do for my GPA now since I only have 1 semester left for ug but I definitely will be studying my butt off for the LSAT.
Dkk
20:32
Nice!
madollyy
20:32
I really appreciate your advice, guys <3 Wishing you luck on your endeavors!
JumpySubsequentDolphin
20:32
@madollyy: is that your CAS GPA?
madollyy
20:33
That's what's on my transcript! I haven't done that one yet tbh. I get mostly A's, some B's. Got dragged down a bit too much from one D in my first semester though ><
JumpySubsequentDolphin
20:34
do you have any A+’s? that could help your gpa!
JumpySubsequentDolphin
20:36
bc LSAC recalculates A+ to 4.3
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