Forgiving Principle on Installment Obligation

Date
1997-01-31
Authors
Harl, Neil
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Abstract

For various reasons, sellers of property under installment obligations have forgiven principal occasionally in favor of the buyer. In the 1980s, much of the forgiveness of principal was to help financially troubled buyers. In other eras, forgiveness has often been motivated by a desire to pass wealth to the buyer. Developments over the past two decades have affected substantially how the forgiveness of principal is handled.

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