MrThickRopes
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Simple English definitions for legal terms
right of exoneration
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A quick definition of right of exoneration:
Term: Right of Exoneration
Definition: The right of a person who is not primarily responsible for a debt to ask the person who is primarily responsible to pay it off or reimburse any payments made by the secondarily responsible person. For example, if someone acts as a surety for a debt, they have the right to ask the person who owes the debt to pay it off after they have paid it themselves. This right only applies when the parties are successively liable, not equally liable.
A more thorough explanation:
Definition: 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 is also known as equity of exoneration.
Example: A surety has the right of exoneration to call on the principal for reimbursement after the surety has paid the debt. This means that if the borrower defaults on a loan, the surety (who has guaranteed the loan) can demand that the borrower repay the loan. If the borrower fails to do so, the surety can pay off the loan and then demand reimbursement from the borrower.
The equity of exoneration exists when parties are successively liable, meaning that one party is liable only if another party fails to fulfill their obligation. This right ensures that the secondarily liable party is not unfairly burdened with the debt and can seek reimbursement from the primarily liable party.
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