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Simple English definitions for legal terms
heritable obligation
Read a random definition: Federal Power Commission
A quick definition of heritable obligation:
Heritable obligation is a legal or moral duty to do or not do something that can be passed down to successors of the creditor or debtor. It can be a duty imposed by law, contract, promise, social relations, courtesy, kindness, or morality. An obligation can be a formal, binding agreement or acknowledgment of a liability to pay a certain amount or to do a certain thing for a particular person or set of persons. It can also be an obligation that depends on an uncertain event or an obligation that has a specific thing as its object.A more thorough explanation:
A heritable obligation is a legal or moral duty that can be enforced by a successor of the creditor or against a successor of the debtor. It is also known as an inheritable obligation. This means that the obligation can be passed down to future generations.
For example, if a person owes a debt to another person and passes away, their heirs may be responsible for paying off the debt. Similarly, if a person inherits property that has a mortgage on it, they may be responsible for making the mortgage payments.
Heritable obligations are important in estate planning and property law, as they can affect the transfer of assets from one generation to the next.