CIVIL LAW Concept and grounds
Concept and grounds for
emergence of obligations Pursuant to an obligation one person (a debtor) shall be obliged to commit for the benefit of another person (a creditor) certain actions, e.g. to transfer assets, perform work, pay money, etc., or abstain from certain actions, and the creditor shall have the right to claim from the debtor the fulfilment of his obligation. The creditor shall be obliged to accept the fulfilment from the debtor. Several persons may participate simultaneously in an obligation, collectively constituting either of the parties, creditor or debtor. In those cases, in accordance with the rules established by the RK Civil Code, an obligation shall arise which is a shared, solidary or subsidiary obligation. Concept and grounds for
emergence of obligations If pursuant to an obligation each of the parties bears a liability for the benefit of the other, the first party shall be deemed to be a debtor of the other in what it is to do to the benefit of the other, and simultaneously, a creditor in what it has the right to claim from the other party. Participants in an obligation shall be the parties (debtor and creditor) and third persons. Obligations shall emerge from an agreement, infliction of damage or on any other bases which are stipulated in Article 7 of the RK Civil Code.