Legal Definitions - exigible debt

An exigible debt is a financial obligation that is immediately due and payable, and which the creditor has a legal right to demand and enforce collection of. This means the debt is not subject to any unfulfilled conditions, future events, or ongoing disputes that would prevent its immediate collection through legal means. Essentially, it's a debt that can be legally "exacted" or demanded right now.

• Example 1: Overdue Credit Card Bill

  Imagine Sarah has a credit card bill for $750 that was due on May 1st. It is now May 15th, and she has not made the payment. The $750 is an exigible debt.

  This illustrates the term because the due date has passed, and there are no outstanding conditions or disputes preventing the credit card company from legally demanding the payment. They can now pursue collection actions, as the debt is immediately enforceable.

• Example 2: Unpaid Contractor Invoice

  A homeowner, Mr. Henderson, hired a contractor to remodel his kitchen. The contract stipulated that the final payment of $5,000 was due upon completion of the work. The contractor finished the remodel on June 10th and submitted the final invoice, but Mr. Henderson has not paid it by June 20th. The $5,000 is an exigible debt.

  Here, the debt becomes exigible because the condition for payment (completion of work) has been met, and the due date for the invoice has passed. The contractor now has a clear legal right to demand and collect the outstanding payment.

• Example 3: Final Court Judgment

  A small business, "Bright Ideas Inc.," sued a client for unpaid services and was awarded a judgment of $15,000 by the court. The judgment is final, meaning no appeals are pending or possible. The $15,000 owed by the client to Bright Ideas Inc. is an exigible debt.

  This demonstrates an exigible debt because the court's final ruling legally establishes the debt and the obligation to pay. Bright Ideas Inc. can immediately take legal steps to enforce the judgment and collect the money owed, as there are no further legal hurdles to overcome.