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  3. Finance (general)

se obligaba principalmente

English translation: was principal obligor/debtor

20:39 Apr 2, 2023
Spanish to English translations [PRO]
Law/Patents - Finance (general) / Puerto Rico
Spanish term or phrase: se obligaba principalmente
Parte de los préstamos habían sido satisfechos, pero en abril de 1930, los deudores, que aún debían $230, suscribieron un pagaré por dicha suma que vencería dos años más tarde, en el cual la señora Rivera se obligaba principalmente y su esposo se obligaba como fiador y además como principal. La responsabilidad asumida era solidaria.
jmf
United States
Local time: 15:00
English translation:was principal obligor/debtor
Explanation:
In other words, the debtor against whom performance of the debt should firstly be sought.

"A Guaranty/ Guarantee is a legally binding agreement in which a person (first party) agrees to be answerable for another person (second party), who wishes to obtain trust or credit from someone/institution (third party), and promises to fulfill the specified obligation of the other person (Second party) in case of default.
…
Parties who constitute a Guarantee contract are usually referred to as follows;

Principal debtor or obligor -The person whose performance to an obligation or undertaking has been secured by a surety or guarantor."
https://thebusinessprofessor.com/en_US/122296-law-transactio...
Selected response from:

Robert Carter
Mexico
Local time: 13:00
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +5was principal obligor/debtor
Robert Carter
3was primarily obligated
Sakshi Garg
3 -1was chiefly liable
Andrew Bramhall


  

Answers


10 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
was primarily obligated


Explanation:
The primary or most important obligation or duty of a party to a contract or agreement.

Sakshi Garg
India
Local time: 00:30
Native speaker of: Native in EnglishEnglish, Native in FrenchFrench
PRO pts in category: 4
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11 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +5
was principal obligor/debtor


Explanation:
In other words, the debtor against whom performance of the debt should firstly be sought.

"A Guaranty/ Guarantee is a legally binding agreement in which a person (first party) agrees to be answerable for another person (second party), who wishes to obtain trust or credit from someone/institution (third party), and promises to fulfill the specified obligation of the other person (Second party) in case of default.
…
Parties who constitute a Guarantee contract are usually referred to as follows;

Principal debtor or obligor -The person whose performance to an obligation or undertaking has been secured by a surety or guarantor."
https://thebusinessprofessor.com/en_US/122296-law-transactio...

Robert Carter
Mexico
Local time: 13:00
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 288

Peer comments on this answer (and responses from the answerer)
agree  Jennifer Levey
12 mins
  -> Thanks, Jennifer.
agree  Adrian MM.: trouble is the right verb: 1. *covenant as* 2. bind o.s. 3. undertake 4. pledge to 5. AmE intrans: commit to 6. agree to, West https://accountlearning.com/rights-of-surety-against-credito... //OK, I get it. Good one! Much obliged.
45 mins
  -> Thanks, Adrian. Doesn't changing the verb "oblige" to the noun "obligor" cover it?
agree  patinba
1 hr
neutral  Andrew Bramhall: don't like ' obligor', although correct and valid juridically speaking;
1 hr
agree  AllegroTrans
1 hr
agree  Richard Cadena
3 hrs
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29 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
was chiefly liable


Explanation:
Part of the loans had been repaid, but in April 1930, the debtors, who still owed $230, executed a promissory note for that sum, falling due two years later, for which Mrs. Rivera was chiefly liable and her husband was obligated as surety and also as principal. The liability assumed was joint and several.

Andrew Bramhall
United Kingdom
Local time: 20:00
Native speaker of: Native in EnglishEnglish
PRO pts in category: 60

Peer comments on this answer (and responses from the answerer)
disagree  AllegroTrans: Right idea; wrong terminology // covers the meaning in a vague way, but you are both odd man out and wrong; legal text demands correct legal terminology which you often want to jettison
1 hr
  -> Register does seem to cause you apoplexy on a regular basis. I stand by my version, which covers the meaning perfectly IMHO.// your legal outlook is too often overly rigid and inflexible in my opinion.
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