The Latin term jus distrahendi refers to the legal right to sell pledged goods in the event that the borrower is unable to repay the loan. This means that if someone uses valuable items as collateral for a loan, such as jewelry or a car, and then fails to repay the loan, the lender has the right to sell the collateral in order to recover their losses.
Jus Distrahendi, pronounced j-s dis-tr-hen-dI, is a Latin term that denotes the right to sell pledged goods in the event of default. For instance, if an individual uses their car as collateral for a bank loan and fails to repay it, the bank has the jus distrahendi to sell the car. Similarly, if someone pledges their jewelry as collateral for a pawnshop loan and does not repay it, the pawnshop has the jus distrahendi to sell the jewelry. These examples demonstrate how the jus distrahendi grants the lender the legal authority to sell the pledged item to recover their losses if the borrower defaults on the loan.
Jus distrahendi, also known as the right of distraint, is a legal concept that allows a creditor to seize and sell a debtor’s property to satisfy a debt.
A creditor can exercise jus distrahendi when a debtor fails to pay a debt as agreed upon or when a court order allows for the seizure of property to satisfy the debt.
Under jus distrahendi, movable property such as vehicles, furniture, equipment, and inventory can be seized. However, certain types of property, such as essential household items, may be exempt from seizure.
No, jus distrahendi only applies to movable property. Immovable property, such as land or buildings, cannot be seized under this concept.
Yes, before seizing property, a creditor must typically obtain a court order or judgment allowing for the seizure. The debtor must also be given notice of the impending seizure.
Yes, a debtor can prevent the seizure of their property by paying the debt in full or by reaching a settlement agreement with the creditor.
No, a creditor must typically follow certain legal procedures before selling the seized property. This may include providing notice to the debtor and holding a public auction to sell the property.
In some cases, a debtor may have the opportunity to reclaim their seized property by paying the debt in full, including any additional costs incurred during the seizure process.
Yes, there are usually limitations on the amount of property that can be seized. These limitations may vary depending on the jurisdiction and the specific circumstances of the case.
Yes, a debtor can challenge the seizure of their property by filing a legal claim or objection. This may involve proving that the seizure was unlawful or that the creditor did not follow the proper legal procedures.
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.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/jus-distrahendi/
- Modern Language Association (MLA):Jus Distrahendi. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/jus-distrahendi/.
- Chicago Manual of Style (CMS):Jus Distrahendi. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/jus-distrahendi/ (accessed: May 09 2024).
- American Psychological Association (APA):Jus Distrahendi. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/jus-distrahendi/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts