Beau gets a $15,000 loan from a credit union to buy an automobile. Debt receives the assignment from the lender of the authority to accept loan payments. Beau can be sued by the assignee if he refuses to pay the loan.
A payment is the voluntarily made exchange of money, its equivalent, or other valuables by one party (such as an individual or business) for a loan another's goods, services, or to satisfy a legal obligation. Payer refers to the party sending the money, whereas payee denotes the recipient of the payment.
In principle, the payee is free to choose the payment method he or she will take; nevertheless, most payments regulations often compel the payer to accept the nation's legal cash up to a specified maximum. Except loan otherwise otherwise agreed by the parties, payments are typically made in the payee's native currency.
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