Legal Definitions - reliqua

Reliqua refers to the outstanding balance of a financial obligation or debt that remains unpaid after an initial payment, a partial settlement, or an accounting process has taken place.

• Example 1: Business Transaction

  A small manufacturing company orders raw materials from a supplier, incurring a total bill of $50,000. According to their agreement, the company makes an initial payment of $30,000 upon delivery. A few weeks later, after reviewing their accounts, they prepare to make another payment but still have an amount outstanding.

  How it illustrates reliqua: The $20,000 that the manufacturing company still owes to the supplier, after the initial payment has been applied and the account partially settled, is the reliqua of their debt.

• Example 2: Personal Loan Repayment

  An individual takes out a personal loan for $15,000. Over the course of several months, they consistently make payments, reducing the principal balance. After making their tenth payment, they review their latest statement and see that a portion of the original principal still needs to be paid off.

  How it illustrates reliqua: The remaining principal amount on the loan that has not yet been repaid, after accounting for all previous installments, represents the reliqua of the debt.

• Example 3: Estate Settlement

  When an estate is being settled after a person's passing, the executor is responsible for paying off all outstanding debts from the estate's assets. After liquidating various assets and paying off most creditors, there might be a specific, smaller debt (e.g., a utility bill or a minor credit card balance) that, due to the timing of asset sales or specific legal priorities, could not be fully satisfied from the initial distribution of funds.

  How it illustrates reliqua: The portion of that particular debt that remains unpaid after the primary process of settling the estate's finances is considered the reliqua for that specific obligation.