Exigibility

Exigibility refers to the quality or state of being exigible, i.e., capable of being demanded or enforced. It is a legal and financial concept describing when a claim or obligation becomes due to be complied with or paid, as opposed to merely existing or being enforceable in principle. The term derives from Latin exigere to demand.

In many legal systems, a debt, obligation, or claim becomes exigible at a defined time, upon the occurrence of a specified event, or upon demand by the holder. When something is exigible, the creditor may demand performance or payment and the debtor bears a duty to comply. Exigibility is commonly associated with maturity in financial instruments, such as loans or bonds when the principal or interest comes due. It also applies to taxes, insurance claims, and contractual duties that require payment or performance on a stated date or upon a trigger.

Exigibility is often distinguished from enforceability. An obligation may be enforceable but not exigible if payment is not yet due; conversely, exigibility implies the practical right to demand performance now, subject to any contractual or statutory conditions. In accounting and insolvency contexts, the assessment of exigible liabilities helps determine cash flow needs and the timing of settlements.

See also: maturity, due, enforceability, claim, obligation, accrual.