Fide jussor refers to a person who acts as a guarantor or surety for another individual's debt. In simpler terms, this means that if someone borrows money or incurs a debt, the fide jussor agrees to take responsibility for that debt if the borrower fails to pay it back. The fide jussor's obligation to pay arises only when the primary borrower does not fulfill their repayment obligations.
This term is commonly used in civil law, particularly in financial agreements and contracts. Fide jussors are often involved in situations where lenders require additional security to ensure that a debt will be repaid. Legal forms related to suretyship and guarantees are often necessary in these cases, and users can find templates through platforms like US Legal Forms to help manage these legal documents effectively.
Here are a couple of examples of abatement:
Example 1: A parent acts as a fide jussor for their child's student loan. If the child fails to make payments, the parent is responsible for repaying the debt.
Example 2: A business owner may ask a friend to be a fide jussor for a loan to start a new venture. If the business fails to repay the loan, the friend must cover the payments. (hypothetical example)
Examples of state differences (not exhaustive):
| State | Key Difference |
|---|---|
| California | Fide jussors must provide written consent to guarantee a debt. |
| New York | There are specific disclosure requirements for creditors when involving fide jussors. |
| Texas | Fide jussors have a right to seek reimbursement from the principal borrower immediately upon payment. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Surety | A person who takes responsibility for another's performance of an obligation. | Surety is often used interchangeably with fide jussor but may also imply a broader range of obligations. |
| Co-signer | A person who signs a loan agreement alongside the borrower. | A co-signer is equally responsible for the debt, whereas a fide jussor's liability arises only upon the borrower's default. |
If you are considering becoming a fide jussor, it is essential to fully understand the obligations you are taking on. Review the loan agreement carefully and consider consulting with a legal professional to clarify any uncertainties. You can also explore US Legal Forms for templates that can help you draft necessary documents related to your role as a fide jussor.
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| Attribute | Details |
|---|---|
| Liability Trigger | When the principal borrower defaults on the debt. |
| Common Use | In loans, leases, and various financial agreements. |
| Documentation | A formal agreement outlining the terms of the guarantee is essential. |
If the borrower fails to repay the debt, the fide jussor is responsible for making the payments.