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Publication date: 21.04.2024
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Debt recovery by receipt or contract: Legal analysis
In the field of civil law, a receipt or contract is the main document confirming the existence of a debt obligation between the parties. The processes of indebtedness, receipt, collection and return of debt by receipt play a key role in legal practice. This article examines the legal aspects of debt recovery under a receipt or contract, as well as the means that can be used to enforce the debt obligation.
What is a promissory note?
A promissory note is a written document issued to confirm the conclusion of a loan agreement and its terms. Despite the fact that the promissory note itself is not a loan agreement, it only confirms such an agreement that was concluded between the parties.
If the parties decide to take out a loan or borrow funds, the terms and agreements must be clearly stated in the loan agreement, as well as additionally confirmed by a debt receipt drawn up by the borrower. Thus, a correctly executed receipt only confirms the concluded loan agreement (according to Article 1047 of the Civil Code of Ukraine).
According to the loan agreement, one party (the lender) transfers to the other party (the borrower) money or other things that are determined by their characteristics, and the borrower undertakes to return the same amount of money (the borrowed amount) or the same number of things to the lender same type and quality.The loan agreement is concluded in writing if its amount exceeds the amount of the tax-free minimum income of citizens established by law - at least ten times. In cases where the lender is a legal entity, the loan agreement is concluded in writing, regardless of the amount. A loan agreement is considered concluded from the moment of transfer of money or other things, which are determined by their characteristics.
Collect the debt by receipt
Collecting the debt by receipt involves the fulfillment of the obligation by the debtor by providing cash or other compensation to the creditor determined by the agreement. A legal act confirming such a case can be an act of acceptance-transfer or a corresponding entry in accounting documents.
Receive debt on receipt
To receive a debt under a receipt is the right of the creditor, who has the legal right to demand that the debtor fulfill his obligation specified in the receipt. The creditor has the right to apply to the court to collect the debt in case the debtor fails to fulfill his obligation under the receipt.
Collect the debt by receipt
It is possible to collect a debt on a receipt by filing a lawsuit in court with a demand that the debtor fulfill the obligation. If such a claim is recognized by the court, the debtor must compensate the creditor for the amount of the debt, and interest for the use of other people's funds and other court costs may also be charged.
Debt repayment by receipt
It is possible to collect the debt under the receipt by the debtor actually fulfilling his obligation to the creditor.If the debtor does not fulfill his obligations under the receipt, the creditor can apply to the court to protect his rights and demand the fulfillment of the obligation.
Collection of money by receipt
Collection of money under a receipt can be carried out through executive proceedings, provided that the receipt has the appropriate legal force and confirms the existence of a debt obligation. Enforcement proceedings involve the execution of the court's decision to recover the debt from the debtor's property.
Debt collection by promissory note
Debt Collect the debt on the receipt under a promissory note can be carried out in the event that the debtor does not fulfill his obligations to the creditor. The creditor has the right to apply to the court with a claim for collection of the debt under the promissory note and to demand the fulfillment of the obligation by the debtor.
Assistance in debt repayment by receipt
In order to assist in the recovery of the debt against the receipt, the creditor can use the services of legal consultants or lawyers who will provide legal assistance in the preparation of lawsuits, representation of interests in court and enforcement of the court decision.
It is generally accepted that collecting debt by receipt is a key element in ensuring legal stability and fulfillment of debt obligations in civil turnover.
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