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Simple English definitions for legal terms

equity of exoneration

Read a random definition: inducement of breach of contract

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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lawguy we're nearly stats twins :D
13:13
I saw that, and I saw you got the Georgetown interview invite yesterday too! Goodluck!
you too haha, i was super surprised to have received one so early not gonna lie
i heard the group interview is really chill and I'm kinda excited to do it
seems cool
13:14
Yeah, 7sage has a page that talks about the questions for each schools interview, GULC's seems unique
13:15
Idk how much of an effect it has on admissions chances but should be cool either way
ive heard the conversion rate for gulc group interview is pretty high even moreso if you have the stats
it's hard to say but i've also heard that the group interview is harder to get than the alumni interview. but who really knows tbh
im p sure they don't interview everyone and getting one this early should be a great sign!
13:16
Yeah I've heard the same ab the group interview
13:17
So maybe I'll see you in D.C. a year from now lmao
initiallaw
13:32
Speaking of stat twins kazuyamishima were exact stat twins lol
17:13
Anyone going to the UGA zoom thing on the 22nd?
17:16
My bad, 24th*
Idk, what's it for?
@Law-Guy: How'd you get the Vandy fee waiver?
17:32
What does going ur3 in 3 days mean at Uva 😅
that you will get UR2 in 3 more
17:33
somethings gotta give
I’m new. What’s the UR and UR2?
17:35
I already went ur2. It’s the 3rd status date change
17:35
@RustyWrangler: attend one of their virtual info sessions and they'll send you a fee waiver
@Law-Guy: Awesome, thanks! I'll sign up rn!
i'm not entirely sure
They've recently been sending a lot of interview invites
It means status change?
17:47
Someone said there is a wl/r wave coming but how can that even be predicted 😭
17:48
Where?
Quillinit
17:50
This is obviously not true for UVA. Past years show they don't send any non A results until December
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