A stayor, also known as a surety for a judgement in Tennessee, is an individual who pledges to repay a debt in the event that the primary debtor is unable to do so. This term is seldom utilised in Tennessee’s legal system.
STAYOR is a legal term utilised in Tennessee law to describe an individual who serves as a guarantor for a court judgement. For instance, if a person is mandated by the court to pay a specific sum of money to another individual but lacks the means to do so, they may seek someone to act as a STAYOR. In such a scenario, the STAYOR assumes the responsibility of paying the owed amount if the original person is unable to fulfil the obligation. This example demonstrates the practical application of a STAYOR in a legal context, highlighting that they are individuals who willingly undertake the financial liability of a judgement on behalf of someone who cannot afford to pay. This arrangement can prove beneficial for individuals who are unable to satisfy a judgement independently but have someone willing to assist them.
A stayor is a person who agrees to take over the responsibilities of another person in the event of their incapacity or death.
A stayor agreement is a legal document that outlines the responsibilities and obligations of the stayor in the event of the incapacitation or death of the person they are staying for.
Anyone can be a stayor, but it is typically a family member or close friend of the person they are staying for.
The responsibilities of a stayor can vary depending on the terms of the stayor agreement, but typically include managing the financial and legal affairs of the person they are staying for.
No, a stayor cannot be held liable for the debts of the person they are staying for unless they have agreed to take on that responsibility in the stayor agreement.
Yes, a stayor can be removed from their role if they are found to be unfit or unable to fulfill their responsibilities.
Yes, a stayor can be compensated for their services if it is outlined in the stayor agreement.
No, a stayor cannot be held responsible for any wrongdoing by the person they are staying for unless they were directly involved in the wrongdoing.
Yes, a stayor agreement can be changed or revoked at any time as long as both parties agree to the changes.
It is recommended to consult with a lawyer when creating a stayor agreement to ensure that all legal requirements are met and that the agreement is enforceable.
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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