windyMagician
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Simple English definitions for legal terms
chargee
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A quick definition of chargee:
A chargee is someone who holds a charge on property or a security on a loan. They can also be someone who is charged with a crime. When a debt is unlikely to be paid, it is treated as a loss or expense and is called a bad debt. There are different types of debts, such as consumer debt, judgment debt, and secured debt. Some debts are uncollectible and cannot be released through bankruptcy, such as delinquent taxes. Other debts have priority over others, such as an employee's wages or a privileged debt.
A more thorough explanation:
Definition: The holder of a charge on property or of a security on a loan. Also, one charged with a crime.
Example: A bank that lends money to someone to buy a house will become the chargee of the property until the loan is paid off. If the borrower fails to pay back the loan, the bank can take possession of the property. In criminal law, a chargee is someone who has been charged with a crime and is awaiting trial.
Explanation: The first example illustrates how a chargee is the holder of a security on a loan. The bank has a charge on the property until the loan is paid off, which means they have a legal right to take possession of the property if the borrower defaults on the loan. The second example shows how a chargee can also refer to someone who has been charged with a crime. This person is the recipient of the charge, which is a formal accusation of wrongdoing.