The term dation it derivates from datio, a Latin word. The concept is used in the field of right to refer to act and the consequence of giving : deliver, grant, donate.
The notion of payment in , in this sense, refers to transmit the domain of something to a creditor with the objective of make up for a debt . This dation consists in the delivery of a good for settle an obligation that was pending payment.
Through a payment in payment, the debtor carries out a different benefit from the one due. This means that you do not pay the debt directly, but instead deliver one thing as payment to cancel the obligation . For the operation to be successful, the creditor must accept what is offered.
Suppose a person acquires a house through a mortgage and then you cannot pay the corresponding fees. The payment date, in this framework, implies an agreement between the debtor and the creditor bank that allows the debtor to deliver the property in exchange for the cancellation of the debt. In this way, the debtor is free of fees and the creditor no longer needs to initiate a foreclosure process.
The dation in payment can be developed in different ways according to the legislation . In some countries This dation is applied when a mortgage debtor is not in a position to pay his debt according to the agreement and, therefore, delivers the mortgaged property for the extinction of the obligation.
Like all issues that relate directly to the laws, it is important to take certain countries as a reference to present real examples, since generalizations can lead to confusion. If we focus on the situation of Ecuador , for example, according to a law organic that approved the National Assembly In 2012, while Rafael Correa Delgado was in charge of the presidency, the payment in the field of mortgages cannot exceed $ 150,000, which is equivalent to the sum of five hundred basic salaries.
Here we face a first requirement , or a condition, so that not only the form that charges the dation is important, but we must understand that not all situations of non-payment can be resolved through the use of this resource.
As explained in a previous paragraph, thanks to the payment in payment a person can get rid of a bank debt that could not pay by the means established in the contract , without this assuming that your civil liberty or your economy is put at risk. Needless to say, being dispossessed of a home without recovering the fees paid can represent a great loss of money, although it is always better than going to trial and running the risk of losing other belongings or your own freedom.
In Spain On the other hand, payment in kind is not very common; however it is possible, as expressed in the Mortgage law , make a pact in the writing of the mortgage so that the obligation is made only on mortgaged assets. In a case like this, the mortgage loan cannot cross the limits of the contract and if the debtor cannot meet his obligation, the creditor will not have the right to demand the delivery of his other assets as compensation.
If both parties so wish, payment is possible if a payment is made. covenant between the creditor (which can be a lender) and the debtor, before the moment in which the mortgage loan is formalized.
