equity of exoneration

equity of exoneration (eg-zon-[schwa]-ray-sh[schwa]n). The right of a person who is secondarily liable on a debt to make the primarily liable party discharge the debt or reimburse any payment that the secondarily liable person has made. • One example is the right of a surety to call on the principal for reimbursement after the surety has paid the debt. Unlike contribution, which exists when the parties are equally liable, the equity of exoneration exists when parties are successively liable. — Also termed right of exoneration. See EXONERATION.

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词条贡献者

双语律师郭敏，国际知名商学院金融专业，擅长翻译各类与金融衍生品与结构化产品相关的法律文件。