principal debt


principal debt
The original debt, as distinguished from liability enhanced by accruing interest. The primary liability. The obligation of a principal in a transaction. The obligation of a principal debtor, as distinguished from the obligation of his surety, guarantor, or indemnitor. An indebtedness or liability, as distinguished from a promise to pay such indebtedness or liability. London & San Francisco Bank v Bandmann, 120 Cal 220, 52 P 583. See primary liability; principal.

Ballentine's law dictionary. . 1998.

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