16:09
Just got my Michigan rejection
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LSDefine
Simple English definitions for legal terms
exoneration, suit for
Read a random definition: Cui bono
A quick definition of exoneration, suit for:
Exoneration, Suit for: A legal case brought by a person who has agreed to be responsible for someone else's debt (a surety) to force the debtor to pay the creditor. If the debtor has acted dishonestly and cannot pay, the suit for exoneration may include additional measures to ensure that the debtor's assets are used fairly to pay off their debts. This type of case is also called a suit to compel payment.
A more thorough explanation:
Definition: A legal action brought by a surety to force the debtor to pay the creditor. This is done to relieve the surety of their obligation to pay the debt.
For example, if someone agrees to be a surety for a loan, they are responsible for paying the debt if the borrower defaults. If the borrower does default, the surety can file a suit for exoneration to force the borrower to pay the debt and relieve the surety of their obligation.
In cases where the borrower has acted fraudulently and is insolvent, a suit for exoneration may include additional remedies to ensure that the borrower's assets are used fairly to pay off their outstanding debts.