Exoneration - Explained
What is Exoneration?
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What is Exoneration?
Exoneration, commonly called vindication, is the act of absolving someone from blame or guilt.
What is Legal Exoneration?
In the legal sense, exoneration is acquitting someone of a crime or a court declaring a suspect not guilty of crimes. In law, exoneration can occur when an accused demonstrates innocence or no evidence to declare the person guilty.
What is Financial Exoneration
Exoneration is also used in financial context, it refers to the act of relieving or absolving someone of a financial duty. When you free someone from a financial obligation, you have exonerated the person. It is also used in taxation and mortgages.
In debt or financial contracts, a lender can exonerate a borrower from all debts, this means the borrower is relieved from debt payment. It can also be regarded as an act of forgiving someones debt. In mortgage however, a new property owner is often exonerated from encumbrances, debts on a property, this is because such encumbrances, defects or debts must be settled from the estate and not be the new owner of the property. This is often used in the context of settling wills and estates.