Equitable Subrogation is a legal doctrine that allows a party that has made payments on behalf of another party to lay claim to the recovery of damages or funds from a third-party. Equitable subrogation is a legal concept that allows one party to replace another party when it comes to a legal right. Subrogation is the substitution of one person in the place of another. With reference to a lawful claim or right. Subrogation commonly occurs in insurance matters, when an insurer pays its insured client for injuries and loses, then sues the party. which the injured person contends caused the damages to him or her.
Legal or equitable subrogation arises by operations of law where one pays a debt owed by another under circumstances that in fairness entitles the payor to the security or obligation held by the creditor.
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