Recoverable Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Recoverable, written in plain English, along with examples of how it is used.
What is Recoverable?
(Adj) Recoverable is the amount a person is entitled to claim by way of his legitimate right. For example if a property is pledged with a person, in the event of failure he can recover the amount due to him only. The balance if any will goes to the owner.
History and Meaning of Recoverable
Recoverable refers to the amount of money that an individual is entitled to claim by law as a legitimate right. The concept of recoverability has been a part of the legal system for centuries, and it is based on the idea that individuals have rights that must be protected. This term is often used in the context of property law, where owners pledge or mortgage their assets to others for financing purposes.
Examples of Recoverable
- In a mortgage agreement, the lender has a right to recover the amount of the loan in case of default by the borrower.
- If an individual is injured in an accident caused by another party, they can sue for recoverable damages, including medical bills and lost wages.
- In a business agreement, one party may agree to pay another party a certain amount for goods or services, with the recoverable amount being the price agreed upon.
Legal Terms Similar to Recoverable
- Damages - monetary compensation awarded to a party who has suffered harm as a result of another party's actions or inactions.
- Compensation - a payment made to a party who has suffered loss or injury as a result of another party's actions or inactions.
- Restitution - the act of restoring something to its rightful owner or position, often through monetary compensation.
- Reimbursement - the act of paying back or compensating for expenses incurred by another party.
- Indemnification - the act of providing monetary compensation or protection against losses or damages incurred by another party.