Prescription: Have my debts prescribed?
What is prescription? As a general rule, prescription occurs when a debtor’s liability to pay a specific debt is extinguished as a result of the passing of a prescribed time period. As soon as a debt prescribes, a debtor is no longer under any obligation to pay it. It is still legal for the creditor to demand payment or even sue for a […]
Retention of title/ownership of movable goods purchased on credit
Take scenario one, in which a purchaser pays the purchase price of a good in a one lump sum. In this case, they are entitled to take delivery of the goods, and ownership will be transferred from the seller to the purchaser. Here, the rights, title and interest of the property is passed from the seller to the purchaser, which would be the ideal scenario for both parties. But what if the purchaser cannot […]