Due and owing refers to an amount of money that is owed or payable by a person or entity. It indicates that there is an obligation to pay a specific sum of money, usually as a result of a debt or contractual agreement. The term emphasizes the legal and financial responsibility to settle the outstanding amount.
Answer: “Due and owing” refers to an amount of money that is owed and must be paid.
Answer: Yes, a debt can still be considered “due and owing” even if there is no written agreement. Verbal agreements and other evidence can be used to establish the debt.
Answer: If a debt is not paid when it is due and owing, the creditor may take legal action to collect the debt, such as filing a lawsuit or obtaining a judgment.
Answer: Yes, interest can be charged on a debt that is due and owing, as long as the interest rate is not excessive or illegal.
Answer: The length of time that a debt remains “due and owing” depends on the terms of the agreement or the applicable statute of limitations.
Answer: Yes, a debt that is “due and owing” can be discharged in bankruptcy, but there are certain requirements that must be met.
Answer: Yes, a debt that is “due and owing” can be assigned or transferred to another party, such as a debt collector or a third-party purchaser.
Answer: Yes, a debt that is “due and owing” can be settled for less than the full amount, but the creditor must agree to the settlement.
Answer: Yes, a debt that is “due and owing” can be forgiven or cancelled, but this usually requires the agreement of the creditor.
Answer: If you receive a notice that a debt is “due and owing,” you should review the notice carefully and contact the creditor or a legal professional if you have any questions or concerns.
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: 13th April 2024.
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