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Although in his opinion part payment of debt could satisfy a whole debt, he found that Mrs Rees had effectively held the builders to ransom. Therefore, any variation of the original agreement was voidable at the instance of the debtors for duress. In point of law payment of a lesser sum, whether by cash or by cheque, is no discharge of a ...
The creditor, in each of these cases, elected, ex post facto , to apply the payment to the last debt. It was, in each case, held incompetent for him so to do. There are but two grounds on which these decisions could proceed;—either that the application was to be made to the oldest debt, or that it was to be made to the debt which it was most ...
When the debt is cancelled, the creditor forgives the debt, thereby releasing that debtor from the whole obligation. In the context of a solidary obligation, if the obligee cancels the debt of some—but not all—of the obligors, the obligation is reduced by an amount proportionate to those whose debts have been cancelled; the obligee ...
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments.
Marshalling is an equitable doctrine applied in the context of lending. It was described by Lord Hoffmann as: [A] principle for doing equity between two or more creditors, each of whom are owed debts by the same debtor, but one of whom can enforce his claim against more than one security or fund and the other can resort to only one.
The opinion noted that Congress could have chosen to include a discovery rule in the law but deliberately chose not to, making it inappropriate for the Supreme Court to add that to the law. It also noted that, though Rotkiske had made an argument based on equitable tolling and fraud in the District Court, he chose not to raise that argument in ...
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.
The case law has evolved over the years to create a number of exceptions to the rule in Pinnel's case. [4] The exceptions to the rule in Pinnel's case include: Payment accompanied by fresh consideration; [5] Prepayment of debt at the creditor's request; [2] Payment of a lesser sum at another place at the creditor's request; [2]
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