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Simple English definitions for legal terms
damnum et interesse
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A quick definition of damnum et interesse:
Term: DAMNUM ET INTERESSE
Definition: Damnum et interesse is a Latin term used in Scots law to refer to the loss and damage sustained. It means the actual and consequential damage suffered through non-performance on the part of the debtor. For example, if someone becomes a guarantor for a specific act and the act is not performed, the guarantor is liable to the creditors for the loss and interest or damage and its issues or consequences.
A more thorough explanation:
Definition: Damnum et interesse (dam-nəm et in-tər-es-ee) is a Latin term used in Scots law to refer to the loss and damage sustained. It can also be translated as damage and its issues or consequences.
Example: If a person becomes a cautioner and guarantees that a specific act will be performed, but the act is not performed, the cautioner is liable to the creditors for the damnum et interesse. This means that the cautioner is responsible for the actual and consequential damage suffered by the creditors due to the non-performance of the act by the debtor.
This example illustrates how the term damnum et interesse is used in Scots law to refer to the loss and damage suffered by a party due to the non-performance of an obligation by another party.