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Questions and Answers
What is required for joint liability to exist among debtors in fulfilling a civil debt?
What is required for joint liability to exist among debtors in fulfilling a civil debt?
- The presence of multiple guarantors only
- Collateral provided by the creditors
- Explicit agreement or legal provision (correct)
- An implicit agreement between debtors
In a commercial debt, if there are multiple debtors, how can a creditor pursue repayment?
In a commercial debt, if there are multiple debtors, how can a creditor pursue repayment?
- Pursue debtors based on their contribution percentage
- Only the primary debtor can be pursued for repayment
- Pursue any of the debtors for the total amount (correct)
- Only pursue debtors who have explicit written agreements
What must occur before judgments in civil disputes can be enforced?
What must occur before judgments in civil disputes can be enforced?
- They must become final and not subject to appeals (correct)
- They must have a grace period attached
- They must be confirmed by a second court
- They must be agreed upon by all parties
Under what condition can commercial judgments be expedited for enforcement?
Under what condition can commercial judgments be expedited for enforcement?
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What may happen in a civil matter regarding the payment obligation in a court case?
What may happen in a civil matter regarding the payment obligation in a court case?
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Study Notes
Joint Liability of Debtors
- Debtors in a commercial debt are jointly liable unless an agreement or legal provision specifies otherwise.
- Creditors can seek full repayment from any of the debtors.
- Guarantors are also jointly liable for commercial debts.
- Article 47 of the Commercial Law allows for alternative arrangements regarding joint liability.
Expedited Enforcement
- Civil judgments typically require finality before enforcement.
- Commercial judgments can be expedited with a guarantee, allowing enforcement before finality.
Grace Period (Payment Period)
- Debts are due at the agreed-upon time, either by agreement or law.
- In civil matters, courts can grant extended payment periods based on circumstances.
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