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Simple English definitions for legal terms
accessorial obligation
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A quick definition of accessorial obligation:
Accessorial Obligation: When someone becomes responsible for another person's debt, it is called an accessorial obligation. This is also known as a collateral obligation. It means that the person who takes on this obligation is liable for the debt if the other person cannot pay it back.
A more thorough explanation:
Definition: An accessorial obligation is a liability that a person takes on when they become responsible for someone else's debt. It is also known as a collateral obligation.
Example: If a person co-signs a loan for their friend, they are taking on an accessorial obligation. If their friend fails to make payments on the loan, the co-signer is responsible for paying it back.
Explanation: The example illustrates how a person can become responsible for someone else's debt and take on an accessorial obligation. In this case, the co-signer is not the primary borrower, but they are still responsible for the debt if the primary borrower defaults. This is a common example of an accessorial obligation.