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LSDefine

Simple English definitions for legal terms

equity of subrogation

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A quick definition of equity of subrogation:

Equity of subrogation is the right of a person who pays someone else's debt to take over the original creditor's rights and remedies against the debtor. This includes the right to foreclose on any security held by the creditor and the right to seek contribution from others who are liable for the debt. It's like stepping into someone else's shoes and being able to do what they could have done. This right can arise by contract or by operation of law to prevent fraud or injustice.

A more thorough explanation:

Equity of subrogation refers to the right of a person who pays off a debt to take over the rights of the original creditor. This includes the right to foreclose on any security held by the creditor and the right to seek contribution from others who are liable for the debt.

For example, if a surety pays off a debt owed by a debtor, they are entitled to the same rights and remedies that the original creditor had against the debtor. This includes the right to use any remedy against the debtor that the creditor could have used, such as a mortgage, lien, or power to confess judgment.

There are two types of subrogation: conventional and legal. Conventional subrogation arises by contract or by an express act of the parties, while legal subrogation arises by operation of law or by implication in equity to prevent fraud or injustice.

Overall, equity of subrogation allows a person who pays off a debt to step into the shoes of the original creditor and enforce their rights against the debtor.

equity of partners | equity-of-the-statute rule

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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