An expromissor is a person who takes on the responsibility of paying a debtor's obligation. By doing so, the original debtor is released from their obligation, provided that the creditor accepts the new debtor. This arrangement can be beneficial for all parties involved, as it allows the creditor to receive payment while relieving the original debtor of their financial burden.
The term "expromissor" is primarily used in contract law and financial transactions. It is relevant in situations where debts are transferred or assumed, such as in loan agreements or lease contracts. Users may encounter this term when dealing with financial obligations, and they can utilize legal templates from US Legal Forms to help manage such agreements effectively.
Here are a couple of examples of abatement:
Example 1: A business owner owes a bank $50,000. A partner agrees to take over this debt and becomes the new debtor. The bank accepts this arrangement, releasing the original owner from the obligation.
Example 2: (hypothetical example) A tenant has a lease agreement but needs to move. They find a friend willing to take over the lease, and the landlord agrees to this change, releasing the original tenant from the lease terms.
Examples of state differences (not exhaustive):
| State | Key Differences |
|---|---|
| California | Allows for specific written agreements for debt assumption. |
| New York | Requires formal notification to the original debtor. |
| Texas | May require additional documentation for the transfer of debt. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Novation | The replacement of one of the parties in an agreement. | Involves a new contract, while expromissor simply assumes the debt. |
| Assignment | The transfer of rights or benefits under a contract. | Does not release the original debtor from their obligations. |
If you find yourself in a situation involving an expromissor, consider the following steps:
Browse our library of 85,000+ state-specific legal templates.
If the creditor does not accept the new debtor, the original debtor remains responsible for the obligation.