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What is a joint debtor

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What is a joint debtor


        

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  • 2024-06-09 21:00:48

    A joint debtor refers to two or more natural or legal persons who are liable for the same debt based on a common civil act. Joint debt refers to the joint debt of husband and wife, and also refers to the joint liability of the partners for the debts of the enterprise.
    Legal basis:
    Article 560 of the Civil Code of the People's Republic of China
    If the debtor has several debts of the same kind to the same creditor, and the debtor's payment is not sufficient to pay off all the debts, unless otherwise agreed by the parties, the debtor shall designate the debts to be performed at the time of payment.
    If the debtor has not made a designation, it shall give priority to the performance of debts that have become due; If several debts are due, priority shall be given to the debts that are lack of guarantee for creditors or have the least guarantee; If there is no guarantee or the guarantees are equal, priority shall be given to the debtor's heavier debts; If the liabilities are the same, they shall be fulfilled in the order of maturity; If the maturity is the same, it shall be performed according to the debt ratio.

    Wu***

    2024-06-09 21:00:48

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