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.


References in classic literature ?
Tulliver's arguments on the a priori ground of family relationship and monetary obligation; but Mr.
with a delay of up to 30 calendar days inclusive, following the last day of the maturity date of the amount of the monetary obligation - in the amount of 10% of the amount of the repayment of the tax debt;
THESE OBLIGA TIONS MAY BE A (i) debt obligation, (ii) lease, (iii) guarantee, (iv) derivative instrument, [begin strikethrough]or (v) monetary obligation resulting from a judicial, administrative, or arbitration proceeding.[end strikethrough] [GFOA recommends deleting this portion.] The term financial obligation shall not include municipal securities as to which a final official statement has been provided to the Municipal Securities Rulemaking Board consistent with this rule.
Hollywood does not have a moral obligation; Hollywood has a monetary obligation. Hollywood is a reflection of how people live their lives.
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. They may even be able to provide cash advances to help with immediate relief of outstanding credits and debt.
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.
Frank Cahouet (Mellon Bank Corp.): 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.
If it is shown that any such fund so paid was not legally due, the settlement shall remain and such amount shall constitute a new monetary obligation owed by the payee to the person who caused the payment.
2755-VI with amendments and supplements (hereinafter - PKU) mistakenly and / or excessively paid amounts of monetary obligation shall be returned to the payer in accordance with Art.