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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.

equity loan | equity of partners

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HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
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