Deductis debitis, a Latin phrase, refers to “the debts being deducted.” In the past, it was customary to subtract all debts from the overall amount when evaluating the worth of an estate. This step was crucial in order to obtain an accurate assessment of the estate’s true value.
When calculating an estate or business, deductis debitis refers to the practice of subtracting any debts owed from the total value in order to determine the remaining value. This means that if an estate is worth $100,000 but has $20,000 in debts, deductis debitis would result in a remaining value of $80,000. Similarly, when selling a business with outstanding debts, deductis debitis would involve deducting the debts from the sale price to determine the actual profit. In both cases, deductis debitis ensures that debts are taken into consideration when determining the true value.
Deductis Debitis refers to a legal principle that allows a debtor to deduct any payments made towards a debt from the total amount owed.
If a debtor makes a payment towards a debt, they can deduct that amount from the total amount owed. This means that the debtor will only owe the remaining balance.
No, Deductis Debitis is only applicable to debts that are legally recognized and enforceable.
No, a creditor cannot refuse to accept a payment made under Deductis Debitis. If they do, they may be in violation of the law.
No, Deductis Debitis can only be used to deduct payments made towards a debt from the total amount owed. The debtor is still responsible for paying the remaining balance.
If a debtor makes a payment that is less than the amount owed, they can still use Deductis Debitis to deduct that amount from the total amount owed.
No, Deductis Debitis cannot be used to dispute a debt. It can only be used to deduct payments made towards a debt from the total amount owed.
No, Deductis Debitis may not be recognized in all jurisdictions. It is important to consult with a legal professional to determine if it is applicable in your jurisdiction.
No, a creditor cannot take legal action against a debtor who uses Deductis Debitis as long as the payments made are legitimate and the debtor is not using it to avoid paying the debt in full.
No, Deductis Debitis can only be used to deduct payments made towards the principal amount of a debt. It cannot be used to reduce interest or fees.
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: 16th April 2024.
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