What does Numeratae Pecuniae meaning?
Filters. (law) An exception whereby a defendant can claim that the plaintiff has not paid the money to him and that therefore the obligation is not owing. phrase.
What is exceptio non numeratae pecuniae?
The exceptio non numeratae pecuniae clause is commonly found in bonds where the cause of debt is the loan of money, for example monies lent and advanced. This clause means that the loan amount was never paid over to the debtor even though an acknowledgment of debt was signed.
What is non causa Debiti?
non Causa Debiti which means that there was no underlying cause for the debt/obligation and the effect is that it places the onus on the debtor to prove that a debt does not exist; and.
What is the benefit of Excussion give an example?
The benefit of excussion means the creditor is obliged to first claim and recover from the principal debtor before turning to the surety for payment of the debt or the part of the debt that remains unpaid.
What is co surety law?
[1] The person who gives the guarantee is called a surety as defined under Section 126 of the Indian Contracts Act, 1872. It is possible that a single debt may be guaranteed by more than one person. In such instances, where the debt has been guaranteed by more than one person, they are called co-sureties.
What is a suretyship?
A surety is an organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt is referred to as the surety, or as the guarantor.
What are the liabilities of a surety?
The surety becomes liable when the principal breaches a contract with the creditor. In the absence of a contractual limitation, a surety’s liability is measured by the loss or damage resulting from the default by the principal. The liability of the surety terminates when the principal’s obligation is fulfilled.
What does surety law refer to?
A suretyship is an accessory contract by which one person undertakes liability for another’s debt or financial obligations. This means that the surety’s obligations are equal to those of the principal debtor and the surety will be jointly and severally liable to the creditor.
Who is called co-surety?
Co-Surety — one of a number of sureties that join forces to provide a bond that no single company is capable of, or interested in, writing alone.
