Legal Debt Meaning
Credit card debt works similarly to a loan, except that the amount borrowed changes over time based on the borrower`s needs up to a predetermined limit and has a mobile or perpetual repayment date. Certain types of loans, including student loans and personal loans, can be consolidated. Arguello. 37 Cal. 524 The word “debt” is of great importance and includes not only registered debts or judgments and debts by territory, but also obligations arising from a simple contract on a very large scale; and includes, in its popular sense, all that to which a man is entitled by virtue of any form of obligation or promise. Gray against Bennett, 3 meters. (Mass.) 522, 520. “Debt” has been defined differently because of the different purposes of the laws in which it has been used. Typically, it imports a sum of money resulting from an explicit or implied contract. In its more general sense, it is defined as what one person owes to another, whether in money, goods or services; what one person must pay or provide to another person.
According to the statutes of legal tender, it seems to import any contractual obligation, express or implied, which can be fulfilled by the voluntary act of the party bound by money. Whenever he is free to fulfill his obligation by paying a certain sum of money, the party who owes the obligation is subject to the so-called “debt” in these laws. Kimpton v. A debt is cancelled by the payment of the full amount due to the creditor. DEBTS, contracts. A sum of money due by a specific and explicit agreement. 3 Bl. Komm. 154. In a less technical sense, as in the Pennsylvania Act to Regulated Arbitration and Trials in The Courts, passed on March 21, 1806, at p. 5, this means a demand for money. In a broader sense, it is all kinds of fair demands; such as bankruptcy debts.
When paying debts, some must be settled before others, in the case of insolvent estates first, which is inherent in the nature of the creditor, since debts to the United States must generally be settled first; and second, because of the nature of debts, such as funeral expenses and salaries, which are usually paid for other debts. See preference; Privilege; Priority. The most common forms of debt are loans, including mortgages and auto loans, personal loans, and credit card debt. Under the terms of a loan, the borrower is required to repay the balance of the loan at some point, usually several years in the future. The terms of the loan also determine the amount of interest that the borrower must pay annually, expressed as a percentage of the loan amount. Interest is used to ensure that the lender is compensated to assume the risk of the loan, while encouraging the borrower to repay the loan quickly to limit their total interest costs. A debt is a sum of money that is contractually due. It is usually due by a specific and explicit agreement that determines the amount regardless of extrinsic circumstances.
However, it is not mandatory that the contract be explicit or specify the exact amount to be paid. United States vs. Colt, 1 pet. A person owed a debt to another is called a debtor. The person to whom the money is owed, his creditor. Debt is a broader recourse for the recovery of money than acceptance or obligation, because it involves collecting money that is owed under legal obligations, such as money borrowed, paid, received and received, due in an account specified for work and work, or for the price of goods and a quantum value on them or on simple contracts. expressly or implicitly, orally or in writing, by sealed or recorded contract or by an ordinary informant, if the demand for a sum is certain or can be reduced to a guarantee. It is also necessary to collect the money due, any specialty or contract under seal, in order to pay money. This action is based on a record or judgment of a registration court or on a foreign judgment. Debt is a common remedy against laws, whether on complaint from the broken party or an ordinary informant. Debt also lies in the difference between goods; which action differs from the action because it is not essential in that action, as in Detinue, that ownership of certain property should pass to the plaintiff at the time of the commencement of the action and that the debt owed to Debet and Detinet could be maintained on a document by which the defendant is required to pay a sum of borrowed money, which may have been unloaded from goods on or before the date of payment.
The most common forms of debt are loans, including mortgages and auto loans, personal loans, and credit card debt. Under the terms of a loan, the borrower is required to repay the balance of the loan on a certain date, usually several years in the future. The terms of the loan also determine the amount of interest that the borrower must pay annually, expressed as a percentage of the loan amount. Interest is used to ensure that the lender is compensated to assume the risk of the loan, while encouraging the borrower to repay the loan quickly to limit their overall interest costs. DEBTS, contracts. A sum of money owed by a final and explicit agreement. 3 Bl. Komm. 154. In a less technical sense, as in Pennsylvania`s “Arbitration and Court Trial Act,” passed on March 21, 1806, at p. 5, this means a demand for money.
In an even broader sense, it refers to any kind of just claim; like the debts of a bankrupt debtor. 4 S. & R. 506. 2. Debts arise or are proved by records, as judgments debts; obligations or specialties; and through simple contracts, where the quantity is fixed and specific and does not depend on a future valuation to settle it. 3 Bl. Com. 154; 2 hills. No.
220. 3. According to the civilian population, debt is divided into active and passive. The first means what we are entitled to, the second what we owe. Liquid debt means a debt the payment of which can be executed immediately and not a debt due or subject to a condition at a later date; A mortgage debt means a debt that is a lien on an estate and a doubtful debt whose payment is uncertain. Key to the Rom Laws. h.t. 4. Debts are settled in various ways, but mainly by payment. See agreement and satisfaction; Bankruptcy; compensation for confusion; Delegation; Cancellation; the performance of a contract; Extinction; Deletion; Earlier recovery; Timing; Novation; Payment; Release; Resignation; Get started. 5. In debt settlement, some must be settled before others, in the case of insolvent assets primarily because of the nature of the creditor, since debts to the United States must generally be settled first; and, second, because of the nature of the debts as funeral expenses and remuneration, which are usually paid in relation to other debts.
See preference; Privilege; Priority. Adj. refers to a debt or judgment for negligence in which each debtor (the one who owes) or defendant (the one who has a judgment against him) is responsible for the total amount of the debt or judgment. Therefore, when issuing a promissory note, it is important to explain that if there is more than one person who owes the amounts to be paid, the debt is jointly and severally liable, because then the person who owes money (creditor, committed) can collect the full amount from each of the co-signatories of the bill of exchange. and not be limited to one share of each debtor. If a party injured in an accident sues several parties for causing its damage, the court may find that several persons acted “negligently” and contributed to the damage. The full sentence may be recovered by any of the convicted defendants, unless the court finds that each defendant`s negligence contributed differently to the injury. Defence counsel should require the Trial Chamber (juries or judges sitting without a jury) to break down the extent of negligence of each defendant and the plaintiff if contributory negligence exists. Often, the court refuses to do so by allowing the plaintiff to collect from the defendant who has the “deep pocket” (a lot of money) and letting the paying defendant ask for contributions from the other defendants.