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Simple English definitions for legal terms
jus exigendi
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A quick definition of jus exigendi:
Term: JUS EXIGENDI
Definition: Jus exigendi is a legal term that means a creditor's right to demand immediate payment of a debt. For example, if someone owes money to another person, the creditor has the right to ask for payment right away. However, if there is a specific time frame for payment, the creditor may have to wait until that time has passed before they can demand payment.
A more thorough explanation:
Definition: Jus exigendi is a Latin term used in Scots law that refers to a creditor's right to demand immediate payment of a debt.
For example, if a person owes money to a creditor, the creditor has the right to demand payment of the debt immediately. This right is known as jus exigendi.
Another example is when a testator leaves a legacy to a legatee in their will. The legatee acquires the jus crediti, or the right to the debt, upon the death of the testator. However, they cannot enforce payment of the legacy until a certain time has passed. Once the debt becomes prestable, the legatee acquires the jus exigendi, or the right to demand immediate payment of the debt.
Overall, jus exigendi is an important concept in Scots law that protects the rights of creditors and ensures that debts are paid in a timely manner.