Warning
Info
Warning
Info
Simple English definitions for legal terms
conventional remission
Read a random definition: National Credit Union Share Insurance Fund (NCUSIF)
A quick definition of conventional remission:
Conventional remission is when someone who owes money is forgiven by the person they owe it to. It's like getting a big "I forgive you" from someone who has the power to do so. This can also happen when someone is pardoned for doing something wrong or when they are relieved from a punishment. In medical terms, it means that the symptoms of a disease have gotten better or gone away completely.
A more thorough explanation:
Conventional remission is a term used in civil law to describe a situation where a creditor forgives a debt owed by a debtor. This forgiveness is granted by the creditor who has the legal capacity to do so.
For example, if a person owes money to a bank, and the bank decides to forgive the debt, this is an example of conventional remission. The bank has the legal capacity to forgive the debt owed by the person.
Conventional remission is different from tacit remission, which is a situation where a creditor surrenders an original title to the debtor, resulting in the remission of the debt.
Overall, conventional remission is a legal term used to describe the forgiveness of a debt by a creditor who has the legal capacity to do so.