17:14
the sane ones i mean
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Simple English definitions for legal terms
vergens ad inopiam
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A quick definition of vergens ad inopiam:
Vergens ad inopiam: A Latin term that means "verging on poverty." In civil law, it refers to a situation where a debtor is at risk of becoming insolvent. When a creditor knows that their debtor is vergens ad inopiam, they can take certain legal measures to protect their interests. For example, they can obtain a precept of arrestment on a bill before it becomes due, which allows them to arrest any funds due to the debtor. However, this is only allowed as a protective measure, and the creditor cannot use the arrested funds until the bill falls due. The proof of the debtor's vergens ad inopiam status will vary depending on the circumstances of each case.
A more thorough explanation:
Vergens ad inopiam
Vergens ad inopiam means "verging on poverty" in Latin. In civil law, it refers to a situation where someone is close to becoming insolvent, or unable to pay their debts. When a debtor is clearly vergens ad inopiam, a creditor may legally take certain measures to protect their interests that would not otherwise be allowed. For example, if a debtor owes money under a bill, the creditor may obtain a precept of arrestment on the bill before it becomes due, which allows them to arrest any funds due to the debtor. However, the creditor cannot use the arrested funds until the bill falls due. The fact that someone is vergens ad inopiam can be inferred from different circumstances in different cases, and the proof of that fact will also vary.
Example 1: John owes money to his creditor, but he has lost his job and is struggling to make ends meet. His creditor knows that John is vergens ad inopiam and decides to obtain a precept of arrestment on the bill before it becomes due, to protect their interests.
Example 2: Sarah is a small business owner who is vergens ad inopiam due to the COVID-19 pandemic. Her landlord knows about her situation and decides to work out a payment plan with her, instead of evicting her for non-payment of rent.
These examples illustrate how being vergens ad inopiam can affect someone's ability to pay their debts, and how creditors may take legal measures to protect their interests in such situations.