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Subrogation is the assumption by a third party (such as a second creditor or an insurance company) of another party's legal right to collect debts or damages. [1] It is a legal doctrine whereby one person is entitled to enforce the subsisting or revived rights of another for their own benefit. [ 2 ]
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a ...
Courts may refuse to enforce a general liability waiver if it fails to inform the signer of the specific risk that caused the injury. [2] Liability waivers include pre-accident releases and model releases (for pictures). Reckless or intentional actions can never be disclaimed and liability resulting from a faulty product cannot be waived in the ...
Waiver is the voluntary relinquishment, surrender or abandonment of some known right or privilege. Forfeiture is the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform, etc.
If the surety is required to pay or perform due to the principal's failure to do so, the law will usually give the surety a right of subrogation, allowing the surety to "step into the shoes of" the principal and use the surety's contractual rights to recover the cost of making payment or performing on the principal's behalf, even in the absence ...
Liability for an unjust enrichment arises irrespective of wrongdoing on the part of the recipient, though it may affect available remedies. And restitution can also be ordered for wrongs (also called "waiver of tort" because election of remedies historically occurred when first filing a suit). This may be treated as a distinct basis for ...
The man, known by his username Mdallo1990, allegedly lost $942,232.32 between Jan. 1, 2020, and Jan. 13, 2024, due to his gambling habits, according to a lawsuit filed on Thursday, Dec. 6, in New ...
Marshalling is an equitable doctrine applied in the context of lending. It was described by Lord Hoffmann as: [A] principle for doing equity between two or more creditors, each of whom are owed debts by the same debtor, but one of whom can enforce his claim against more than one security or fund and the other can resort to only one.