principal and accessory contract


principal and accessory contract
A contract is accessory when it is made to provide security for the performance of an obligation. Suretyship, mortgage, and pledge are examples of such a contract. When the secured obligation arises from a contract, either between the same or other parties, that contract is the principal contract. Civ.Code La. art. 1913.

Black's law dictionary. . 1990.

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  • principal and accessory contract — A contract is accessory when it is made to provide security for the performance of an obligation. Suretyship, mortgage, and pledge are examples of such a contract. When the secured obligation arises from a contract, either between the same or… …   Black's law dictionary

  • contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… …   Black's law dictionary

  • contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… …   Black's law dictionary

  • principal — prin·ci·pal 1 / prin sə pəl/ adj 1: being the main or most important, consequential, or influential their principal place of business the principal obligor 2: of, relating to, or constituting principal or a principal the principal amount of the… …   Law dictionary

  • contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… …   Law dictionary

  • accessory — ac·ces·so·ry also ac·ces·sa·ry /ik se sə rē, ak / n pl ries [Medieval Latin accessorius subordinate matter, accomplice to a crime, from Latin accedere to go to, agree, assent] 1: a person who is not actually or constructively present but with… …   Law dictionary

  • principal — adj Chief; leading; most important or considerable; primary; original. Highest in rank, authority, character, importance, or degree. As to principal challenge principal contract principal obligation principal office principal vein, see those… …   Black's law dictionary

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  • obligation — A generic word, derived from the Latin substantive obligatio, having many, wide, and varied meanings, according to the context in which it is used. That which a person is bound to do or forbear; any duty imposed by law, promise, contract,… …   Black's law dictionary