Principal obligation

PRINCIPAL OBLIGATION. That obligation which arises from the principal object of the engagement which has been contracted between the parties. It differs from an accessory obligation. (q.v.) For example, in the sale of a horse, the principal obligation of the seller is to deliver the horse; the obligation to take care of him till delivered is an accessory engagement. Poth. Obl. n. 182. By principal obligation is also understood tho engagement of one who becomes bound for himself and not for the benefit of another. Poth. Obl. n. 186.

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For real estate mortgage over your house or unit to be validly instituted, it must: (a) be constituted to secure the fulfillment of a principal obligation which, in this case, is the payment of your housing loan; (b) be instituted on property which you absolutely own; (c) be property which you have free disposal thereof or otherwise legally authorized to constitute the mortgage; and (d) appear in a public instrument duly recorded in the Registry of Deeds.
When the principal obligation is extinguished by the termination of the contract, the ancillary obligation is likewise extinguished and deprived of its effect.
He stressed that supporting the Palestinians and their cause is a principal obligation for the Muslims.
In technical terms they are a method of exchanging the underlying economic basis of a debt or asset without affecting the underlying principal obligation on the debt or the asset.
Creation and Subsequent Modification of the Principal Obligation B.
Agreement on a penalty must be made in writing, even if the contract of the principal obligation is made in another form.
On the other hand, the principal obligation undertaken by the United States under the NPT is to "pursue negotiations in good faith on effective measures relating to cessation of the nuclear arms race at an early date and to nuclear disarmament.
Also, the banking sector is not meeting its principal obligation, which is to offer loans and support productive activities.
The principal obligation of result reflected in article 2 (1) is to take steps "with a view to achieving progressively the full realization of the rights recognized" in the Covenant.
Simply put, a see is the administrative district (diocese) assigned as the principal obligation of a particular bishop.
If the reporter is professional then it follows, as with any professional, that his or her principal obligation is to the client, not to the employer.
Under current rules, the recorded investment in a loan at any time during its term equates to the present value of contractual interest and principal obligation as long as the receivable performs according to the loan agreement.

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