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Simple English definitions for legal terms
exigible debt
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A quick definition of exigible debt:
Exigible debt is a type of debt that is due and payable immediately. It is a specific sum of money that is owed by agreement or otherwise. This type of debt is liquidated and demandable, meaning that it is a matured claim that must be paid right away. Examples of exigible debt include credit card debt, utility bills, and rent payments. It is important to pay exigible debt on time to avoid late fees and negative impacts on credit scores.A more thorough explanation:
Definition: Exigible debt is a type of debt that is due and payable immediately. It is a liquidated and demandable debt, meaning that the amount owed is clear and the creditor can demand payment.
Example: A credit card bill is an example of exigible debt. When you use your credit card to make a purchase, you are essentially borrowing money from the credit card company. The amount you owe is clear and the credit card company can demand payment at any time.
This example illustrates the definition of exigible debt because the debt is due and payable immediately, and the amount owed is clear and demandable.