A chargee refers to an individual who possesses a charge on property or a security on a loan. They can also be an individual accused of a crime. When a debt is deemed unlikely to be repaid, it is considered a loss or expense and is referred to as a bad debt. There exist various types of debts, including consumer debt, judgement debt, and secured debt. Certain debts are uncollectible and cannot be discharged through bankruptcy, such as overdue taxes. Additionally, certain debts take precedence over others, such as an employee’s wages or a privileged debt.
A chargee refers to the individual or entity that holds a charge on property or a security on a loan. This term can also be used to describe someone who has been charged with a crime. For instance, if a bank lends money to someone for purchasing a house, the bank becomes the chargee of the property until the loan is fully repaid. In the event of loan default, the bank has the legal right to take possession of the property. In the context of criminal law, a chargee is an individual who has been accused of a crime and is awaiting trial. This person is the recipient of the charge, which is a formal allegation of wrongdoing.
A chargee is a legal term referring to a person or entity that holds a charge or security interest over a property or asset to secure a debt or obligation.
A chargee is the party that holds the charge, while a chargor is the party that grants the charge over their property or asset.
A charge can be placed on various assets, including real estate, vehicles, machinery, intellectual property, and financial assets like stocks or bonds.
If the chargor defaults on their debt or obligation, the chargee can enforce their rights by taking legal action, such as seizing and selling the charged asset to recover the outstanding amount.
Yes, a chargee can transfer their rights to another party through a legal process called assignment. The new party becomes the new chargee and assumes all the rights and responsibilities associated with the charge.
Yes, a chargee can release a charge by providing a written release or discharge document, stating that the debt or obligation has been satisfied, and the charge is no longer valid.
Failure to register a charge may result in the charge being deemed invalid against third parties, meaning that the chargee may lose their priority rights over the asset in case of default.
Yes, a chargee and chargor can mutually agree to modify the terms of the charge agreement. However, any modifications should be properly documented and agreed upon by both parties.
Generally, a chargee is not held liable for any damages caused by the charged asset unless they have acted negligently or breached their duty of care in relation to the asset.
Yes, a chargee can be any person or entity that has a legal interest in securing a debt or obligation, including individuals, companies, or even government entities. Financial institutions are commonly seen as chargees due to their lending activities, but they are not the exclusive category.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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