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DELEGATION OF DEBT

Sep 08, 2010
By Lina Kaučikaitė, Associate Lawyer.

ECOVIS Miškinis, Kvainauskas ir partneriai advokatų kontora. Delegation of debt is a situation when the debtor changes, because the new debtor assumes the debt, but the creditor remains the same. According to the Civil Code of the Republic of Lithuania, delegation of debt can be made in two ways: 1) By a contract between the creditor and the new debtor (delegee); 2) By a contract between the debtor and the person who assumes the debt (delegee). In the first case a third ...

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