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Simple English definitions for legal terms
jus crediti
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A quick definition of jus crediti:
Term: JUS CREDITI
Definition: Jus crediti means "the right of credit" in Latin. It refers to a creditor's right to collect a debt through legal means. This right is important because even if the creditor cannot immediately collect the debt, they still have a vested right to it in the future. It is different from a mere hope or expectation of payment.
A more thorough explanation:
Definition: Jus crediti is a Latin term that means "the right of credit." In Roman and Scots law, it refers to a creditor's right to a debt and their ability to recover that debt through legal means. It is different from a mere spes or defeasible expectancy, as it creates a vested right that is part of the creditor's estate.
Example: If a person loans money to another person, they become a creditor and have a jus crediti to that debt. This means that they have the legal right to recover the money owed to them, even if it takes some time to do so.
Explanation: The example illustrates how jus crediti works in practice. If the debtor fails to pay back the loan, the creditor can take legal action to recover the debt. This legal right is an important part of the creditor's estate, as it gives them the ability to collect what is owed to them.