14:16
@MrThickRopes: What would you say if I told you the reason UMich rejected you was due to your abhorrent comments on this chat?
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LSDefine
Simple English definitions for legal terms
consignator
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A quick definition of consignator:
A consignator is a person who can receive money from a debtor if the creditor refuses to accept it. This is called consignation. It means that the debtor can give the money to someone else who is authorized to accept it, and the debt will be considered paid. This is different from a tender, which is when the debtor offers to pay the creditor directly.
A more thorough explanation:
Definition: A consignator is a person who is authorized to accept delivery of money from a debtor if a creditor refuses to accept it. Consignation is the act of a debtor delivering money to an authorized third party after the creditor refuses to accept the payment. A valid consignation discharges the debtor.
For example, if a debtor owes money to a creditor and tries to pay the debt, but the creditor refuses to accept the payment, the debtor can give the money to a consignator who is authorized to accept the payment on behalf of the creditor. This is called consignation.
Another example is when a consignor sends goods to a consignee for sale. The consignee is authorized to sell the goods and pay the consignor a percentage of the sale price. In this case, the consignor is the person who sends the goods, and the consignee is the person who receives them.
These examples illustrate how a consignator can act as an intermediary between a debtor and a creditor, or between a consignor and a consignee, to facilitate the payment or sale of goods.