Home > Term: accessory obligation
accessory obligation
Obligation which is incidental to another principal obligation, e.g. the obligation of a surety or lien. The accessory obligation is extinguished with the principal obligation. Opposite: non-accessory obligation: this form of security is separate from the claim it secures and therefore remains in force without the claim (e.g. a land charge).
- Part of Speech: noun
- Industry/Domain: Banking
- Category: Investment banking
- Company: UBS
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Creator
- Stefan K
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