Expromission is a legal concept where a third party voluntarily assumes the debt obligations of another person. Essentially, this third party, called the expromissor, steps in and takes over the debt of the original debtor, known as the promissor.
How Expromission Works:
- Voluntary Agreement: Expromission requires the explicit consent of all parties involved: the original debtor, the creditor, and the expromissor.
- Release of Original Debtor: The original debtor is completely released from their debt obligations once the expromissor takes over.
- New Contract: A new contract is formed between the creditor and the expromissor, defining the terms of the debt repayment.
Examples of Expromission:
- Family Member: A parent might agree to pay off their child's student loan debt.
- Business Partner: A business partner might take on the debt of a struggling company to prevent its collapse.
- Guarantor: A guarantor, who initially agreed to pay if the original debtor defaulted, could become the expromissor by taking over the debt entirely.
Key Points to Remember:
- Novation: Expromission is similar to novation, where a new contract replaces an existing one. However, novation involves the agreement of all parties to replace the original debtor with a new one.
- Delegation: Delegation is different from expromission because the original debtor remains liable for the debt. In delegation, the debtor simply appoints someone else to perform the debt obligations.
Conclusion:
Expromission is a legal mechanism that allows a third party to take over the debt of another person, releasing the original debtor from their obligations. This process requires the consent of all parties involved and results in a new contract between the creditor and the expromissor.
