Legal Definitions - debitum in diem

Debitum in diem refers to a debt that is already established and legally owed, but for which the specific date of payment has not yet arrived. Essentially, the obligation to pay exists now, but the performance (the actual payment) is deferred until a future, agreed-upon date.

Here are some examples to illustrate this concept:

• Business Loan with Future Maturity: Imagine a small business secures a loan from a bank today to fund an expansion. The loan agreement stipulates that the principal amount, along with accrued interest, must be fully repaid in three years. While the business immediately incurs the debt the moment the funds are received, the "day" for the full repayment is set for a future date three years from now. This future repayment date, despite the immediate existence of the debt, exemplifies debitum in diem.

• Online Purchase with Delayed Billing: Consider a customer who orders a custom-built computer online. The manufacturer's policy is to charge the customer's credit card only when the computer is assembled and ready for shipment, which is estimated to be four weeks after the order is placed. From the moment the order is confirmed, the customer has an obligation to pay for the computer. However, the actual payment is deferred until the future shipping date, demonstrating the principle of debitum in diem.

• Construction Contract Milestone Payment: A homeowner enters into a contract with a builder for a new deck. The contract specifies that 40% of the total payment is due upon the completion of the framing, and the remaining 60% is due upon the final inspection and approval, both of which are future events. The homeowner's total financial obligation to the builder is established when the contract is signed. However, the specific dates for making those payments are tied to future milestones, meaning the debt exists now, but the payment is due at a future "day," fitting the definition of debitum in diem.