According to the Act of Repayment definition, such an act involves a debtor returning a financial instrument to a creditor. This seems to be a mistake, since it implies that the financial instrument that the debtor gives/transfers to the creditor is one and the same as the financial instrument that the creditor gave/transferred to the debtor, which is rarely the case in an act of repayment.
I suggest modifying the definition by replacing ‘returned’ with ‘transferred’ (or perhaps with ‘given’, if folks would prefer).
According to the Act of Repayment definition, such an act involves a debtor returning a financial instrument to a creditor. This seems to be a mistake, since it implies that the financial instrument that the debtor gives/transfers to the creditor is one and the same as the financial instrument that the creditor gave/transferred to the debtor, which is rarely the case in an act of repayment.
I suggest modifying the definition by replacing ‘returned’ with ‘transferred’ (or perhaps with ‘given’, if folks would prefer).