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A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. [ 1 ] The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract ) that the ...
These agencies are called "first-party" because they are part of the first party to the contract (i.e. the creditor). The second party is the consumer (or debtor). Typically, first-party agencies try to collect debts for several months before passing it to a third-party agency or selling the debt and writing off most of its value.
Subrogation is the assumption by a third party (such as a second creditor or an insurance company) of another party's legal right to collect debts or damages. [1] It is a legal doctrine whereby one person is entitled to enforce the subsisting or revived rights of another for their own benefit. [2]
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.
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
On September 11, Realtor.com reported that the former owner of Jeff Bezos' Billionaire Bunker home, that he bought for $79 million almost a year ago, is suing real estate brokerage Douglas Elliman.
The man who authorities say tried to carry out a mass shooting in Yellowstone National Park last year spewed racist views months before his attempted attack, prosecutors said in court documents ...
Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the ...