Võlakohustused

Võlakohustus is a legal obligation under Estonian civil law to pay a sum of money or to perform a task for another person. It arises from a contract, from law, or from another legal act, and creates a relationship between a debtor (the one obliged to act or pay) and a creditor (the one entitled to demand performance).

The content of a võlakohustus can be the payment of money, the delivery of goods or services, or the performance of an act, and it may include interest, fees, or penalties for late performance.

Elements include: the debtor and creditor; the exact content; an amount or scope of performance; due date or schedule; place and time of performance; and, if applicable, security or collateral. Obligations may be secured by a pledge, mortgage, guarantee, or other security arrangements, increasing the creditor's ability to recover.

Võlakohustused can be categorized as contractual (arising from contracts, such as loans or credit agreements) or non-contractual (for example, arising from other legal acts). They can be unsecured or secured, fixed or contingent, and may involve interest or other remuneration.

Enforcement occurs through civil remedies. If a debtor fails to perform, the creditor may pursue damages or specific performance within the limits of the law, and, if necessary, initiate court or enforcement proceedings. The obligations may be extinguished by payment, set-off, novation, discharge, or prescription (statute of limitations).

Võlakohustused are a fundamental concept in private law and finance, underpinning borrowing, lending, and credit arrangements in Estonia and other jurisdictions.