Suit for Exoneration Law and Legal Definition
Suit for exoneration refers to a suit compelling a debtor to pay a creditor. A suit for exoneration is also suit in equity brought by a surety. Suit for exoneration ensures that a debtor’s assets are applied equitably to a debtor’s outstanding liabilities. A suit for exoneration is brought by a surety when a debtor has acted fraudulently or becomes insolvent. In a suit for exoneration, a surety cannot compel a creditor to pursue a debtor before requiring the surety to pay. [Alabama Bank & Trust Co. v. Garner, 225 Ala. 269 (Ala. 1932)]
Legal Definition list
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