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Understanding Tutius Est Rei Incumbere Quam Personae in Legal Context
Definition & Meaning
The Latin phrase Tutius est rei incumbere quam personae translates to "It is safer to rely on a thing than on a person." This legal maxim emphasizes the idea that tangible assets provide more reliable security than personal guarantees. In legal contexts, this principle suggests that when making decisions or agreements, one should prioritize real, physical assets over the promises or assurances of individuals.
Table of content
Legal Use & context
This maxim is often invoked in various legal areas, including contract law, property law, and financial transactions. It serves as a guiding principle when assessing risks associated with personal guarantees versus collateral. Users can manage related legal processes through templates available on platforms like US Legal Forms, which offer forms for securing loans or drafting contracts that reflect this principle.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
For instance, if a business owner seeks a loan, they may offer property as collateral rather than relying solely on a personal guarantee from a partner. This is a practical application of the maxim, as the lender may find the property a more secure form of assurance.
(Hypothetical example) A homeowner might choose to secure a mortgage with their house rather than depend on a friend's promise to pay if they default.
State-by-state differences
Examples of state differences (not exhaustive):
State
Application of the Maxim
California
Strong emphasis on collateral in loan agreements.
New York
Similar reliance on tangible assets for securing debts.
Texas
Legal preference for real property as collateral.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Difference
Collateral
Asset pledged as security for a loan.
Collateral is a specific type of security, while this maxim emphasizes the general principle of relying on assets over individuals.
Personal Guarantee
A promise made by an individual to repay a loan if the primary borrower defaults.
This maxim suggests that personal guarantees are less secure than tangible assets.
Common misunderstandings
What to do if this term applies to you
If you find yourself in a situation where you need to secure a loan or agreement, consider using tangible assets as collateral. Explore ready-to-use legal form templates on US Legal Forms to help you draft the necessary documents. If the situation is complex, seeking professional legal advice may be beneficial.
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