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Simple English definitions for legal terms

equity of exoneration

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A quick definition of equity of exoneration:

Equity of Exoneration: This is a fancy way of saying that if someone owes money and can't pay it, someone else who promised to pay for them (like a guarantor or surety) can ask the original debtor to pay instead. It's like a backup plan for when the first person can't pay. This is different from when two people owe money together and have to split the payment equally.

A more thorough explanation:

Definition: Equity of exoneration refers to the right of a person who is secondarily liable on a debt to make the primarily liable party discharge the debt or reimburse any payment that the secondarily liable person has made. This right exists when parties are successively liable, unlike contribution, which exists when the parties are equally liable.

Example: A surety is a person who agrees to pay a debt if the primary debtor fails to do so. In this case, the surety has the right of exoneration, which means that they can call on the principal debtor to reimburse them after they have paid the debt. For instance, if a person takes out a loan and a friend acts as a surety, the friend can demand reimbursement from the borrower if they end up paying the loan.

Explanation: The example illustrates equity of exoneration because the surety has the right to demand reimbursement from the primary debtor after they have paid the debt. This right exists because the surety is secondarily liable, and it would be unfair for them to bear the burden of the debt when the primary debtor is responsible for it.

Another example of equity of exoneration is when a testator leaves a gift of property encumbered by a mortgage or lien. In this case, the doctrine of exoneration operates to satisfy the encumbrance from the general assets of the estate. This means that the estate will pay off the mortgage or lien, and the beneficiary will receive the property free and clear of any debt.

Explanation: This example illustrates equity of exoneration because the doctrine operates to remove the burden of the mortgage or lien from the beneficiary. The estate is responsible for paying off the debt, and the beneficiary receives the property without any encumbrances. This is an equitable outcome because it would be unfair for the beneficiary to bear the burden of the debt when they did not create it.

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Mostlylegal
11:43
thank you all for the laughs
Mostlylegal
11:44
let this be my formal termination notice
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hey alexa play you'll be black from hamilton
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NosyBeagle
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hamilton but he frees the slaves and has to figure out what their racial demographics are for the census
12:17
has anybody compiled the transfer median gpas for law schools anywhere
12:18
instead of having to check each schools 509
12:24
@c0bra1: not that I've seen
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lame
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I think the transfer reddit had a spreadsheet at one point but it's a few years old
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globalcitizen
13:46
Anyone read annihilation
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yo
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goin on 6 mo no word from notre dame
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any chance I'll improve RC just by hard drilling with no review? I honestly think I just have a reading problem atp
AngryMiniCar
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Not even that I don't know how to answer questions. I think I'm simply not well read
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Bettercaulsaul
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The gym is the only reason I’ve been calm waiting for admissions updates
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endorphins go brrrrr
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take so,e
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bruh
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take some tylenol and black pepper before working out to really get that euphoria
Bettercaulsaul
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I’m going to try that & hit a new PR
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@c0bra1: working on one,should be complete tmrw
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