Solidary Obligation - Law Dictionary Search Results
Home Dictionary Name: solidary obligationsolidary obligation
solidary obligation see obligation ...
obligation
obligation 1 : a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment) ;also : the binding power of such an agreement or indication [held that the amendment did not unconstitutionally impair the s of contracts "Davis v. American Family Mut. Ins. Co., 521 N.W.2d 366 (1994)"] 2 : a debt security (as a corporate or government bond) see also collateralized mortgage obligation 3 : what one is obligated to do, satisfy, or fulfill: as a : a commitment to pay a particular amount of money [does not create a debt, liability, or other , legal or moral "State v. Florida Dev. Fin. Corp., 650 So. 2d 14 (1995)"] ;also : an amount owed in such a commitment b : a duty arising from law, contract, or morality [had a legal as an employer] [a contractual ] 4 in the civil law of Louisiana : a relationship that binds one party to a performance (as a payment or transfer) or nonperformance for another party see also contract, offense, quasi-offen...
solidary
solidary [French solidaire characterized by community of interests, from Middle French, from Latin (in) solidum for the whole, involving all] in the civil law of Louisiana 1 : existing jointly and severally 2 : being a party to a solidary obligation [when one obligor owes an indivisible performance to distinct obligees, the obligees are obligees "Foreman v. Montgomery, 496 So. 2d 1280 (1986)"] sol·i·dar·i·ly [sÄ -lə-der-ə-lē] adv ...
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
virile share
virile share [partial translation of French part (or portion) virile equally alloted share (as in an intestate inheritance), from Latin pars virilis, literally, male's share] in the civil law of Louisiana : an amount for which a solidary obligor (as a partner) is liable: as a : an amount due from the obligor under a solidary obligation (as a debt) arising from a contract or quasi contract that is equal to that of each other obligor unless there is an agreement or judgment to the contrary b : an amount based on the proportionate fault of the obligor when the obligation arises from an offense (as in negligence) or quasi-offense called also virile portion ...
solidarity
solidarity in the civil law of Louisiana : the quality or state of being solidary : existence of a solidary obligation [will not presume ] ...
solidary liability
solidary liability see liability ...
Obligation
Obligation, an act which binds a person to some performance; also a bond containing a penalty, with a condition annexed for paying of money at a certain time, or for the performance of a covenant, etc.; also foreign government and other bonds and debentures.In Bhudeb Mookerjee v. Kalachand Malik, 34 Cal LJ 315: AIR 1921 Cal 129, that the word obligation in s. 54 of the Specific Relief Act may be taken to be a tie or bond which constrains a person to do or suffer something. It implies a right in another person to which it is correlated and it restricts the freedom of the obligee with respect to definite acts and forbearances but in order that it may be enforced by a court, it must be a legal obligation and not merely moral, social or religious, Hyderabad Stock Exchange Ltd. v. Rangnath Rathi and Co., AIR 1958 AP 43 (47). [Specific Relief Act, 1877, s. 54]Means 'a duty; the bond of legal necessity which binds together two or more determinate individuals. It is limited to legal duties ari...
obligate
obligate -gat·ed -gat·ing 1 : to bind legally or morally [was obligated to pay child support] 2 : to commit (as funds or property) to meet or provide security for an obligation oblig·a·to·ry [ə-bli-gə-tōr-ē] adj ...
collateralized mortgage obligation
collateralized mortgage obligation : a bond collateralized by a pool of mortgage obligations or pass-through securities and paid according to the maturity and amortization schedule of its class and not directly from the underlying obligations called also CMO see also remic compare pass-through security at security, tranche ...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial