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What Is Debt Discharge? Debt discharge is the cancellation of a debt due to bankruptcy. When a debt is discharged, the debtor is no longer liable for the debt and the lender is no longer allowed to make attempts to collect the debt.
What does it mean to be released from obligations?
a situation in which a legal agreement ends, because the people in it agree to end it, because one of the people in it dies, or because one of the people involved does not do what was agreed: Not all breaches of contract lead to a discharge of contract.
What is the release of obligations?
The Release of Obligations clause frees one or both parties from certain duties or liabilities defined in the contract once specific conditions are met or after a certain event occurs.
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A release usually takes the form of a voluntary private contract between parties to cease the obligation or concede the right. California Civil Code 1541 upholds release provisions, stating [a]n obligation is extinguished by a release therefrom given to the debtor or the released party by the creditor or releasing
Related links
release | Wex | US Law | LII / Legal Information Institute
Release means to cease to be bound by an obligation or to concede a right . A release usually takes the form of a voluntary private contract between parties
Notice of Transfer and Release of Liability - California DMV
Completing a Notice of Transfer and Release of Liability (NRL) lets DMV know that you are no longer responsible for parking/traffic violations or civil or
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