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LSDefine

Simple English definitions for legal terms

unsecured note

Read a random definition: primum decretum

A quick definition of unsecured note:

An unsecured note is a written promise to pay back money that is not backed by any collateral. This means that if the person who borrowed the money cannot pay it back, the lender cannot take any property or assets as payment. Unsecured notes can be risky for lenders because they have no guarantee of getting their money back.

A more thorough explanation:

An unsecured note is a type of promissory note that is not backed by any collateral. It is a written promise by one party (the maker) to pay money to another party (the payee) or to bearer. This means that if the maker fails to pay back the loan, the payee has no legal claim to any specific asset or property to recover the debt.

For example, if John borrows $10,000 from Jane and signs an unsecured note, he is not required to put up any collateral such as a car or a house. If John fails to repay the loan, Jane cannot seize any of his assets to recover the debt. Instead, she may have to take legal action to collect the debt.

Unsecured notes are riskier for lenders because they have no guarantee of recovering their money if the borrower defaults. As a result, unsecured notes usually have higher interest rates than secured notes, which are backed by collateral.

Other types of promissory notes include:

unsecured creditor | unskilled work

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[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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