When a person who is not primarily responsible for a debt has the right to request the person who is primarily responsible to pay it off or reimburse any payments made by the secondarily responsible person. This right is applicable in cases where the parties are successively liable, rather than equally liable. For instance, if someone acts as a surety for a debt, they can ask the debtor to repay the debt after they have already paid it themselves.
The right of a person who is secondarily responsible for a debt to compel the primarily responsible party to pay off the debt or reimburse any payments made by the secondarily responsible person. This is also referred to as equity of exoneration. For instance, a surety has the right of exoneration to demand reimbursement from the principal after the surety has paid off the debt. This means that if the borrower defaults on a loan, the surety (who has guaranteed the loan) can require the borrower to repay the loan. If the borrower fails to do so, the surety can pay off the loan and then request reimbursement from the borrower. The equity of exoneration applies when parties are sequentially responsible, meaning that one party is responsible only if another party fails to fulfil their obligation. This right ensures that the secondarily responsible party is not unfairly burdened with the debt and can seek reimbursement from the primarily responsible party.
The right of exoneration is the legal principle that allows an executor or administrator of an estate to pay off the debts of the deceased person using the assets of the estate before distributing them to the beneficiaries.
The executor or administrator of an estate has the right of exoneration.
Any debts that were incurred by the deceased person before their death can be paid off using the right of exoneration, including credit card debts, medical bills, and mortgages.
Yes, the right of exoneration can be used to pay off taxes owed by the deceased person.
If there are not enough assets in the estate to pay off all the debts using the right of exoneration, the debts will be paid off in order of priority as determined by law.
No, the beneficiaries of the estate cannot be held responsible for any debts that are not paid off using the right of exoneration.
No, the right of exoneration can only be used to pay off debts that were incurred before the death of the deceased person.
Yes, the right of exoneration can be waived by the executor or administrator of an estate, but only if all the beneficiaries of the estate agree to it.
The right of exoneration lasts until all the debts of the deceased person have been paid off or until the assets of the estate have been distributed to the beneficiaries.
Yes, the right of exoneration can be challenged in court if there is a dispute over the validity of a debt or if there is a disagreement over the priority of debts to be paid off.
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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