Monetary Obligation

Monetary Obligation

 

an obligation to pay money. According to legislation in effect in the USSR, monetary obligations are to be expressed and paid in Soviet currency. Monetary obligations in foreign currency are permitted only in the cases and manner established by legislation. In the territory of the USSR, the Gosbank (State Bank) of the USSR has the exclusive right to carry out transactions in foreign currency and documents subject to payment in foreign currency. Payments in foreign currency based on monetary obligations are made for foreign trade transactions, regarding contracts for servicing merchant vessels in USSR ports, and in other such cases. These transactions are carried out by the Vneshtorgbank (Foreign Trade Bank) of the USSR.

Monetary obligations are usually settled when the debtor gives the creditor the amount due (or remits it to him); they may also be settled by putting the debt on deposit at a notary office. Monetary obligations between socialist organizations are usually executed on a clearing basis.

The general rule established by Soviet legislation is that no interest is allowed to be charged on monetary obligations. Exceptions to this rule are provided for in the civil codes of the Union republics (for example arts. 176 and 226 of the Civil Code of the RSFSR); namely interest charges on monetary obligations are permitted in foreign trade, in loan transactions by credit institutions, on deposits and current accounts of private citizens, and on defaulted monetary obligations in arrears.

E. G. POLONSKII

References in periodicals archive ?
Typically, from initial contact, representatives will confirm that a client is a qualified annuitant or recipient of a payment stream, and then get to know the financial needs of the customer and walk them through their options with no monetary obligation.
The law (Civil code) defines the size of interest: In case a debtor fails to meet his monetary obligation when it falls due, he shall be bound to pay an interest at the rate of five percent per annum, upon the sum of money subject to the non-performed obligation unless any other rate of interest has been established by the law or contract.
Because travel to another country requires a somewhat substantial monetary obligation, many potential offenders likely do not become international child sex tourists because of external controls, such as limited financial resources.
With the big pool of monetary obligation here, what I don't understand is the government's reluctance to diversify investments.
They concluded that the income tax rule that the transfer of property in satisfaction of a monetary obligation is a sale or exchange is equally applicable in determining whether a plan contribution is prohibited.
In reversing the Fifth Circuit's decision, the Supreme Court stated that for income tax purposes the transfer of property in satisfaction of a monetary obligation is usually a "sale or exchange" of the property.
There is no monetary obligation associated with the DOJ settlement.
STN contends that Hughes Network Systems breached a contractual partnership and did not fulfill its monetary obligation to STN.
STN contends that Hughes Network Systems breached a contractual relationship and did not fulfill its monetary obligation to STN.
The Company's monetary obligation arising solely in connection with this settlement is $311,308, an amount for which a reserve was established in fiscal 1994.
Bank guarantees or guarantees of the cooperative savings and credit, except that the liability cash is always a monetary obligation,