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 […]

equity of exoneration Read More »