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Simple English definitions for legal terms
ex mora debitoris
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A quick definition of ex mora debitoris:
Term: EX MORA DEBITORIS
Definition: Ex mora debitoris is a Latin phrase that means "on account of the debtor's delay." This phrase is used in reference to charging interest on a debt. In simpler terms, if someone owes money and they don't pay it back on time, they may be charged extra money (interest) because of their delay in paying back the debt.
A more thorough explanation:
Ex mora debitoris is a Latin term that means "on account of the debtor's delay." It is used in reference to a basis for charging interest on a debt.
For example, if a borrower fails to make a payment on time, the lender may charge interest on the outstanding balance ex mora debitoris.
Another example would be if a debtor takes longer than the agreed-upon time to pay back a loan, the lender may charge interest ex mora debitoris to compensate for the delay.
The examples illustrate how ex mora debitoris is used to justify charging interest on a debt when the debtor has delayed payment. It is a way for lenders to compensate for the extra time and risk involved in waiting for the borrower to fulfill their obligation.