Word, #, Tune, Pic

Anyone who listens to PMS knows we need a word, number, and song of the day.

Today's word is opine. It is a word often heard in law school, and I just like way it sounds. "Pardon me while I opine on the topic of judicial ripeness."

Todays number is 25. As in the number of points USC is favored over Washington St. I will be attending this game and I hope it's entertaining at least.

Today's song of the day is "Warning Sign" by the Born Jamericans. An underrated reggae group. And easily heard on myspace.

And finally, the photo of the day. Just a Pic that needs to be on the Loadass page. Out.

Mark Twain

Always do right. This will gratify some people and astonish the rest.

A Glimpse of The Loadass Lawyer

Sample Income Tax Law Problem and Answer. Enjoy...

Nonrecognition: Dudley wished to cash in one of his primary investments, a 90 unit apartment building in Reno which was subject to 300K first mortgage, had a 1.5 million FMV and a adjusted basis of 500K. He wants to maximize cash received but minimize gain recognition
a. Little offered to exchange is unencumbered office building with a 1.2 million FMV and a 1.5 million adjusted basis. What results to Dudley?

i. If Dudley were to sell for cash, he would sell for 1.2 million in cash and 0.3 mil. in debt relief.
ii. His A/R would be 1.5 million → Cash plus the debt
iii. His gain realized would be 1 million → AR – Basis
iv. In the exchange, His AR would be 1.5 million → cash plus the debt discharge
v. His gain realized would be 1 million → AR – basis
vi. His gain recognized would be 300K → The lessor of the boot or the gain realized
vii. His basis would be 500K → 500K – 300K + 300K

The final is tuesday, wish me luck... then i'll be free for three weeks. I can't wait

Bachelor Party

Fishing, shooting, and drinking in June Lake was the shit. More pics to come...

Blah

So I’m sitting in my room, slightly hung over, not really listening to Stern in the background on the satellite radio, and then on comes the lead singer for Maroon 5 who performs this sick acoustic cover of the Beatles “Don’t Let me Down.” That song always has a crazy effect on me for some reason and this time it really caused like a strange nostalgic introspective mood to overwhelm me. I turned around, leaned back in my chair, and just rode the wave.

One Down, Two More to Go

First final (property) is done. I was dreaming this stuff all week, now I need to forget it and remember a while bunch of other mumbo jumbo. But, the Prof. in that class was right, at the beginning of the year i had no idea what any of the stuff below meant, now I do. Is it really relevant? Probably not.

CA CIVIL CODE 2856
(a) Any guarantor or other surety, including a guarantor of a note or other obligation secured by real property or an estate for years, may waive any or all of the following:

(1) The guarantor or other surety's rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to the guarantor or other surety by reason of Sections 2787 to 2855, inclusive.

(2) Any rights or defenses the guarantor or other surety may have in respect of his or her obligations as a guarantor or other surety by reason of any election of remedies by the creditor.

(3) Any rights or defenses the guarantor or other surety may have because the principal's note or other obligation is secured by real property or an estate for years. These rights or defenses include, but are not limited to, any rights or defenses that are based upon, directly or indirectly, the application of Section 580a, 580b, 580d, or 726 of the Code of Civil Procedure to the principal's note or other obligation.

(b) A contractual provision that expresses an intent to waive any or all of the rights and defenses described in subdivision (a) shall be effective to waive these rights and defenses without regard to the inclusion of any particular language or phrases in the contract to waive any rights and defenses or any references to statutory provisions or judicial decisions.

(c) Without limiting any rights of the creditor or any guarantor or other surety to use any other language to express an intent to waive any or all of the rights and defenses described in paragraphs (2) and (3) of subdivision (a), the following provisions in a contract shall effectively waive all rights and defenses described in paragraphs (2) and (3) of subdivision (a):

The guarantor waives all rights and defenses that the guarantor may have because the debtor's debt is secured by real property. This means, among other things: (1) The creditor may collect from the guarantor without first foreclosing on any real or personal property collateral pledged by the debtor. (2) If the creditor forecloses on any real property collateral pledged by the debtor: (A) The amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price. (B) The creditor may collect from the guarantor even if the creditor, by foreclosing on the real property collateral, has destroyed any right the guarantor may have to collect from the debtor. This is an unconditional and irrevocable waiver of any rights and defenses the guarantor may have because the debtor's debt is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the Code of Civil Procedure.

(d) Without limiting any rights of the creditor or any guarantor or other surety to use any other language to express an intent to waive all rights and defenses of the surety by reason of any election of remedies by the creditor, the following provision shall be effective to waive all rights and defenses the guarantor or other surety may have in respect of his or her obligations as a surety by reason of an election of remedies by the creditor:

The guarantor waives all rights and defenses arising out of an election of remedies by the creditor, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed the guarantor's rights of subrogation and reimbursement against the principal by the operation of Section 580d of the Code of Civil Procedure or otherwise.

(e) Subdivisions (b), (c), and (d) shall not apply to a guaranty or other type of suretyship obligation made in respect of a loan secured by a deed of trust or mortgage on a dwelling for not more than four families when the dwelling is occupied, entirely or in part, by the borrower and that loan was in fact used to pay all or part of the purchase price of that dwelling.

(f) The validity of a waiver executed before January 1, 1997, shall be determined by the application of the law that existed on the date that the waiver was executed.

Write a Letter

When something pisses you off, it sucks to only be able to write a letter. But at least i did, and will mail it tomorrow.

To whom it may concern:

On Friday, March 9, 2007 at 4:00 in the afternoon, my brother and I left Pasadena and headed to Fairfax High School, excited to a great high school basketball match up set to tip off at 7:00. As proud alumni (my brother graduated in 2001, myself in 1997) we follow Pasadena High School sports enthusiastically and attend several games a year including many during this year’s playoff run.

Upon arrival around 4:30 PM, Fairfax officials had yet to even begin ticket sales. We waited patiently and discussed the game with other excited supporters. Even at that time, about a hundred fans were ahead of us. Soon after, the line swelled substantially behind us. No security was present.

Shortly after 5:00, ticket sales began from just one window. We crept slowly towards the front but were assured several times that at least all of us toward the front would get inside. An announcement made around 5:45 stated that ticket sales would stop briefly while people with tickets were allowed to enter. No additional announcements were made. No ticket sales ever resumed. We stood 10 feet from the ticket window.

The foreseeable then ensued. Frustrated people crowded the front. All semblance of a line disappeared. Elderly women were literally pushed aside. No security came and no announcements were made.

It was too late. As 6:45 approached we realized we would not be getting in and fought our way out of the front of the line. By this time hundreds were outside. People still waited patiently at the back of a seemingly endless maze of would be spectators. As we got in the car, a couple asked if we were leaving and if they could park in our spot. We told them not to bother and to leave for their own safety. Only the next day did I read about riot police being called in.

The entire event was a disgrace. Pasadena lost the game, but we were only upset because we would not get to see this unique and talented team again. How this state and city sponsored event could be so unorganized is unexplainable. Playing two teams ranked in the top five in the state in a small high school gym without any security at all is embarrassing and inexcusable. It is extremely lucky no one was injured.

Thank you for your time,

David Kujawa

New Post??

What do I want to talk about? My life is actually pretty good. Living at home, going to school, and working part time at a job I don’t give a shit about… it’s like the good old days of high school. No worries. Care free. Yet, at the same time I feel maybe I need to grow up. Three years of this? I don’t know about the longevity of the situation. At least I feel I moving toward something. That’s what I like about school I think, moving forward, towards a goal.

Yesterday in class, the Prof. asked some guy, “was there a duty?” The guy responded, “well, technically yes, but I think…” The Prof. yelled back, “technically yes! That’s why you’re in law school, technically yes is yes, we’re learning all those technicalities.” That kinda hit me funny. The Prof. was right. Getting a verdict on a technicality is what it’s all about. I don’t know if it’s “right”, it’s just the way it is. And really, a job is a job, and at least I’ll be paid well when it’s all done.

Other things on the mind… the Lakers are sucking, my bro is drinking too much even for him, I hate serving people, I have hardly any bills, I’m hiking, biking, playing ball whenever I want, I enjoy kicking it with the boys, I need to meet new people, girls remain a quandary, school is a lot of work, my blog blows…

But yeah, I look around, and I like where I’m at. It hasn't always been that way, nor will it continue. As someone said, (online search credits Ben Franklin, boy was he the man?) “content makes poor men rich."