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Simple English definitions for legal terms
joint creditor
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A quick definition of joint creditor:
A joint creditor is someone who is owed money along with another person or entity. A creditor is someone who has given money or goods on credit and is waiting to be paid back. A joint creditor can demand payment from the person who owes the money. For example, if two people lend money to someone, they are both joint creditors and can ask for their money back together.A more thorough explanation:
A joint creditor is a person or entity who, along with another creditor, has the right to demand payment from a debtor. For example, if two people loan money to a borrower, they are joint creditors and can both demand repayment.
One example of joint creditors is when a married couple co-signs a loan. If the borrower defaults on the loan, both spouses are joint creditors and can demand payment from the borrower.
Another example is when two business partners lend money to a third party. In this case, both partners are joint creditors and can demand repayment from the borrower.