suit for exoneration

suit for exoneration. A suit in equity brought by a surety to compel the debtor to pay the creditor. • If the debtor has acted fraudulently and is insolvent, a suit for exoneration may include further remedies to ensure that the debtor’s assets are applied equitably to the debtor’s outstanding obligations. — Also termed suit to compel payment. [Cases: Principal and Surety 179. C.J.S. Principal and Surety § 227.]

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词条贡献者

双语律师Julie，国际知名法学院法律专业，擅长翻译各类与证券监管、合规与执法相关的法律文件。