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Simple English definitions for legal terms

unsecured creditor

Read a random definition: Principal in the first degree

A quick definition of unsecured creditor:

An unsecured creditor is someone who is owed money but doesn't have any specific property or collateral to claim if the debtor can't pay. They are just hoping the debtor will pay them back. This is different from a secured creditor who has a right to take specific property if the debtor can't pay.

A more thorough explanation:

An unsecured creditor is a person or entity to whom a debt is owed, but who has not taken any rights against specific property of the debtor as collateral. This means that if the debtor defaults on the debt, the unsecured creditor cannot automatically seize any of the debtor's assets to recover the debt.

Examples of unsecured creditors include credit card companies, medical providers, and suppliers who have not obtained a security interest in the goods they have sold to the debtor.

For instance, if a person owes $5,000 to a credit card company and cannot pay it back, the credit card company cannot automatically take the person's car or house to recover the debt. Instead, the credit card company may have to file a lawsuit and obtain a judgment against the person before it can try to collect the debt through other means.

unsecured claim | unsecured note

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Dkk
15:46
Woo, it took almost 24 hours but my butthole is feeling good again! Just wanted to update y'all on my struggle.
[] baddestbunny
15:52
Ew
Dkk
15:56
Lmfao
soap
16:58
Thank you for the update
Dkk
17:04
Welcome.
Holding out strong for that 11 p.m. Sunday night wave.
soap
17:20
Do the admissions offices close on Veterans Day?
I think someone here was really interested in Cornell Law. I forgot their username now but I just talked to the Cornell admissions rep at the Houston LSAC fair and apparently 2/3 of people who interview at Cornell ultimately get in.
soap
17:21
Hello 🫡
soap
17:21
Thank you for your service, you’re a real one
soap
17:23
I wonder what it’s dependent on? Are the 2/3 chosen on stats, or interview performance, or more holistically?
I'm honestly not sure
[] baddestbunny
17:31
is Cornell a school where only people who interview get in?
I think so
She said historically a quarter get interview invites and then two thirds of those people get in.
soap
17:35
Did she say anything regarding if decisions will start to come out soon?
17:47
username changed
17:51
cockenheimer
17:56
when u boutta detonate some bomb dick u be like
17:56
cockenheimer
[] baddestbunny
17:57
sloppenheimer
17:58
*tips cap*
17:58
m'lady ahh gesture
18:04
seing smells rn
18:04
and smelling sights
@soap: I asked and she did not have an answer
soap
18:10
aw man. I hope it’s soon…
I'm sure it will be
[] baddestbunny
18:26
how soon is now
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