kaasvõlgnik

kaasvõlgnik refers to a co-debtor or joint obligor in Estonian law. When multiple individuals jointly agree to be responsible for a debt, they are considered kaasvõlgnikud. This means that each co-debtor is liable for the entire debt, not just a portion of it. The creditor has the right to demand the full amount from any one of the co-debtors, or from all of them simultaneously.

This concept is crucial in various financial agreements, such as loans, mortgages, or rental agreements where more than one person signs. If one co-debtor is unable to fulfill their obligation, the remaining co-debtors are still responsible for the entire outstanding amount. The creditor can pursue any co-debtor for the full sum until the debt is settled.

Once a co-debtor pays more than their share of the debt, they typically have the right to seek reimbursement from the other co-debtors for their respective shares. This is known as the right of recourse. However, the initial liability to the creditor remains joint and several. Understanding the implications of being a kaasvõlgnik is important to avoid unexpected financial burdens and to manage shared financial responsibilities effectively.