equity of subrogation

equity of subrogation. The right of a person who is secondarily liable on a debt, and who pays the debt, to personally enforce any right that the original creditor could have pursued against the debtor, including the right to foreclose on any security held by the creditor and any right that the creditor may have to contribution from others who are liable for the debt. — Also termed right of subrogation; (in Scots law) right of relief. See SUBROGATION. [Cases: Subrogation

1. C.J.S. Subrogation §§ 2–15, 19, 91.]

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词条贡献者

译者David，毕业于亚洲顶尖的高级翻译学院，擅长翻译各种与复杂商业诉讼相关的法律文件。