primary liability

primary liability
primary liability see liability 2b

Merriam-Webster’s Dictionary of Law. . 1996.

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  • primary liability — The liability of the person who, by the terms of the instrument of obligation, is absolutely required to pay the same. 11 Am J2d B & N § 525. The liability of a maker or principal, as distinguished from that of a guarantor, indorser, or other… …   Ballentine's law dictionary

  • primary liability — legal responsibility of one who accepted an obligation …   English contemporary dictionary

  • liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …   Law dictionary

  • primary — pri·ma·ry 1 / prī ˌmer ē, mə rē/ adj 1: of first rank, value, or importance 2: belonging to the first group or order in successive divisions, combinations, or ramifications pri·mar·i·ly /prī mer ə lē/ adv primary 2 n pl …   Law dictionary

  • stockholder's primary liability — The liability of a stockholder directly to a creditor of the corporation under former statutes, such liability attaching immediately upon the contracting of the debt by the corporation. See stockholder s liability …   Ballentine's law dictionary

  • liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary

  • liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary

  • primary — First; principal; chief; leading. First in order of time, or development, or in intention. As to primary conveyance primary election primary obligation primary vein, see those titles @ primary activity Concerted action such as a strike or… …   Black's law dictionary

  • primary obligation — An obligation imposed by law in consequence of a person s voluntary undertaking, or by the law on the ground of public policy or utility; as, for example to perform one s contract or to refrain from committing a trespass. See 8 Harvard L Rev 200 …   Ballentine's law dictionary

  • primary franchise — The franchise of corporate existence; the result of a grant of special privileges to the incorporators which enables them to act for certain designated purposes as a single individual and exempts them unless otherwise specially provided, from… …   Ballentine's law dictionary

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