21:15
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LSDefine
Simple English definitions for legal terms
ultra valorem
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A quick definition of ultra valorem:
Term: ULTRA VALOREM
Definition: Ultra valorem means "beyond the value" in Law Latin. It refers to a situation where something exceeds its value or worth.
For example, if a person owes a debt of $100, but the creditor demands $200, the demand is ultra vires because it goes beyond the value of the debt.
Overall, ultra valorem is a legal term used to describe situations where something exceeds its value or worth.
A more thorough explanation:
ULTRA VALOREM
Ultra valorem is a Latin term used in law that means "beyond the value." It refers to a situation where something exceeds its value or worth.
1. If a person borrows money from a lender and then fails to repay the loan, the lender may seize the borrower's property to recover the debt. However, if the value of the seized property exceeds the amount owed, the lender cannot keep the excess amount. This excess amount is considered ultra vires.
2. In a bankruptcy case, if a debtor has assets that are worth more than the amount owed to creditors, the excess amount is considered ultra vires.
The examples illustrate the concept of ultra valorem, where something exceeds its value or worth. In both examples, the excess amount is beyond what is owed or what the property is worth, and therefore cannot be kept by the lender or the debtor. Ultra valorem is an important legal concept that ensures fairness and prevents abuse of power.