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Simple English definitions for legal terms

equity of exoneration

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A quick definition of equity of exoneration:

Equity of Exoneration: This is a fancy way of saying that if someone owes money and can't pay it, someone else who promised to pay for them (like a guarantor or surety) can ask the original debtor to pay instead. It's like a backup plan for when the first person can't pay. This is different from when two people owe money together and have to split the payment equally.

A more thorough explanation:

Definition: Equity of exoneration refers to the right of a person who is secondarily liable on a debt to make the primarily liable party discharge the debt or reimburse any payment that the secondarily liable person has made. This right exists when parties are successively liable, unlike contribution, which exists when the parties are equally liable.

Example: A surety is a person who agrees to pay a debt if the primary debtor fails to do so. In this case, the surety has the right of exoneration, which means that they can call on the principal debtor to reimburse them after they have paid the debt. For instance, if a person takes out a loan and a friend acts as a surety, the friend can demand reimbursement from the borrower if they end up paying the loan.

Explanation: The example illustrates equity of exoneration because the surety has the right to demand reimbursement from the primary debtor after they have paid the debt. This right exists because the surety is secondarily liable, and it would be unfair for them to bear the burden of the debt when the primary debtor is responsible for it.

Another example of equity of exoneration is when a testator leaves a gift of property encumbered by a mortgage or lien. In this case, the doctrine of exoneration operates to satisfy the encumbrance from the general assets of the estate. This means that the estate will pay off the mortgage or lien, and the beneficiary will receive the property free and clear of any debt.

Explanation: This example illustrates equity of exoneration because the doctrine operates to remove the burden of the mortgage or lien from the beneficiary. The estate is responsible for paying off the debt, and the beneficiary receives the property without any encumbrances. This is an equitable outcome because it would be unfair for the beneficiary to bear the burden of the debt when they did not create it.

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Dkk
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I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
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I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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