Simple English definitions for legal terms
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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.
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.