principal – the person for whose debt or default a surety is responsible under a contract of suretyship

     This page is continued from Legal Instruments >>>> Negotiable Instrument >>>> Maker >>>> Surety

******************************

principal:
adj.

1. Of the first importance.  In the first rank. [1]

1. Of the first importance; in the first rank; chief; main. [2]

principal:
noun.

1. Someone who has primary responsibility on an obligation, as opposed to a surety or indorser. [1]

1. In an agency relationship, the person for whom another acts and from whom he derives authority to act. 3 Am J2d Agency § 1.

In bail and recognizance — the person released on bail. 8 Am 12d Bail § 1.

The party to a suretyship who enters into the main contract with the obligee, the one who is directly interested in and benefited by the main contract, and the one to whom or from whom the consideration for the main obligation flows. 50 Am J1st Suret § 3.

In guaranty, the person whose obligation is covered by the undertaking of the guarantor. 24 Am J1st Guar § 29. [2]

1. The amount of money loaned or borrowed, as distinguished from interest accruing on the debt.

2. In an agency relationship, the person for whom the agent acts an from whom the agent received her authority to act.
     See undisclosed principal.

3. The corpus of a trust.

4. The person for whose debt or default a surety is responsible under a contract of suretyship.

5. The person whose obligation is guaranteed by a guarantor under contract of guaranty. [3]

Various Types of Principals:

apparent principal (1847) Someone who, by outward manifestations, has made it reasonably appear to a third person that another is authorized to act as the person’s agent.

disclosed principal – (1856) A principal of whose identity a third party has knowledge or notice at the time an agent interacts with the third party on behalf of the principal.  *  A disclosed principal is always liable on a contract entered into by the agent with the principal’s authority, but the agent is usually not liable.

partially disclosed principal (1934) A principal whose existence — but not actual identity — is revealed by the agent to a third party.

undisclosed principal (1835) A principal whose identity is kept secret by the agent; a principal for whom the other party has no notice that the agent is acting. 0 An undisclosed principal and the agent are both liable on a contract entered into by the agent with the principal’s authority.  This doctrine is unique to common-law agency and is not recognized by civil-law doctrine.  Cf. undisclosed agent under AGENT. ‘

     Excerpt from Francis B. Tiffany, Handbook of the Law of Principal and Agent 5 90, at 251 -52 (Richard R.B. Powell ed., 2d ed. 1924):

     “In the cases of undisclosed principal, T. has dealt with A., believing A. to be the principal and intending to contract with A., the person before him.  Later it is discovered that A. was really intending to act as agent of P. What are the liabilities and rights of P., A., and T. under these circumstances?  Between the cases of disclosed and undisclosed principal there is an intermediate group of cases which may be called those of ‘unnamed’ principal.  In these T. knows that A. represents some one, but does not know the identity of P. it can readily be seen that the rules applicable to this intermediate group of cases will differ from those applicable to either of the other groups.  The conferring of rights and liabilities upon the ‘undisclosed’ or ‘unnamed‘ principal is one of the unique features of the law of principal and agent. in a suit by P. against A., or by A. against P., there is no change of legal relation because P. was undisclosed or unnamed to T. [4]

unidentified principal (1926) A principal whose identity is unknown to a third party when the agent and the third party interact.  *  An agent for an unidentified principal who makes a contract on the principal’s behalf is subject to liability on the contract, as is the principal. — aka partially undisclosed principal; unnamed principal.

     Excerpt from Restatement (Third) of Agency 5 1.04 cmt. b (2006):

     “The terms ‘partially undisclosed principal’ and ‘unnamed principal’ are synonyms for ‘unidentified principal.’  The terminology ‘unidentified principal’ is preferable.  ‘Partially disclosed’ misleadingly suggests that some portion of the principal’s identity is known to the third party.  ‘Unnamed principal’ is too restrictive because a third party may know the principal’s identity but n . t know the principal’s name. [5]

 

2. Someone who has primary responsibility on an obliga~ tion, as Opposed to a surety or indorser. 4. The corpus of

an estate or trust. 5. The amount of a debt. investment, or other fund, not including interest, earnings, or prohts.

References:

Disclaimer: All material throughout this website is compiled in accordance with Fair Use.

[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition
 by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine 
(James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

[4]: Francis B. Tiffany, Handbook of the Law of Principal and Agent 5 90, at 251 -52 (Richard R.B. Powell ed., 2d ed. 1924).

[5]: Restatement (Third) of Agency 5 1.04 cmt. b (2006).

******************************************

Back to Property

Like this website?

Please Support Our Fundraiser

or donate via PayPal:

  • please set some widgets to show from Appearance -> Widgets.

Disclaimer: Wild Willpower does not condone the actions of Maximilian Robespierre, however the above quote is excellent!

This website is being broadcast for First Amendment purposes courtesy of

Question(s)?  Suggestion(s)?
[email protected].
We look forward to hearing from you!

Disclaimer and Terms of Service

Last updated: March 10, 2018

     Read these Terms of Use (“Terms”, “Terms of Use”) carefully before using the https://reunitethestates.org website (the “Service”) operated by Wild Willpower (“us”, “we”, or “our”).

     Your access to and use of the Service is conditioned on your acceptance of and compliance with these Terms. These Terms apply to all visitors, users and others who access or use the Service.

     By accessing or using the Service you agree to be bound by these Terms. If you disagree with any part of the terms then you may not access the Service.

Service

      This webpage constitutes a grassroots attempt to make the justice system more accessible for the average civilian. Information throughout this page does not constitute legal advice, nor should it be construed a replacement thereof. The information contained on this website is for informational purposes only.  Some information may be incorrect or out of date.  The author assumes no responsibility or liability for any errors or omissions in the content of this site. The information contained in this site is provided on an “as is” basis with no guarantees of completeness, accuracy, usefulness or timeliness. We make no representation or warranty with respect to the information on this site. This webpage is being broadcast for First Amendment purposes, and represents a good-faith attempt to assist fellow civilians in finding justice for when they cannot find help from an attorney or from government agencies.  Our use of all content is being used explicitly for noncommercial purposes, and is protected in accord with Fair Use laws. To help us improve the website, or to point out somewhere it may need fixed or amended, email [email protected].  By continuing to read this website, you are thereby using our Service, within the scope and understanding as defined here.

Changes

     We reserve the right, at our sole discretion, to modify or replace these Terms at any time.  What constitutes a material change will be determined at our sole discretion.

     By continuing to access or use our Service after those revisions become effective, you agree to be bound by the revised terms. If you do not agree to the new terms, yet continue to use our Service, you agree that Wild Willpower PAC nor its officers may be held liable for any actions taken or misunderstandings on your part; do not use this website as your sole source of law-related information.

Accounts

     When you create an account with us, you must provide us information that is accurate, complete, and current at all times. Failure to do so constitutes a breach of the Terms, which may result in immediate termination of your account on our Service.

     You are responsible for safeguarding the password that you use to access the Service and for any activities or actions under your password, whether your password is with our Service or a third-party service.

     You agree not to disclose your password to any third party. You must notify us immediately upon becoming aware of any breach of security or unauthorized use of your account.

Intellectual Property

     The  Service and its original content, features and functionality (the layout and manner in which information is arranged) are and will remain the exclusive property of Wild Willpower and its licensors, and may be sold or transferred at any time.

Limitation of Liability

     Wild Willpower PAC is committed to providing high-quality products and services to our users. However, we understand that unforeseen circumstances may arise, and we want to ensure that our users are aware of the limitations of our liability.

    In no event shall Wild Willpower PAC or its affiliates, directors, officers, employees, agents, or suppliers be liable for any direct, indirect, punitive, incidental, special, or consequential damages arising out of or in any way connected with the use of our products or services, including but not limited to damages for loss of profits, use, data, or other intangible losses.

     Our liability is limited to the extent permitted by law, and in no event shall it exceed the amount paid by the user for the product or service in question. This limitation of liability applies regardless of the legal theory upon which the claim is based, whether in contract, tort, negligence, strict liability, or otherwise, even if we have been advised of the possibility of such damages.

    By using our products or services, you acknowledge and agree to this limitation of liability. If you do not agree with this limitation, your only remedy is to discontinue the use of our products and services.

Limitation of Damages

    Wild Willpower PAC values its users and strives to provide the best possible products and services. However, in the event of unforeseen circumstances, we want to make sure our users are aware of the limitations of our liability.

    In no event shall Wild Willpower PAC or its affiliates, directors, officers, employees, agents, or suppliers be liable for any direct, indirect, incidental, consequential, special, or exemplary damages arising out of or in any way connected with the use of our products or services, even if we have been advised of the possibility of such damages.

     Our liability is limited to the extent permitted by law and shall not exceed the total amount paid by the users for the product or service in question. This limitation of damages applies whether the claim is based on breach of contract, breach of warranty, tort (including negligence), or any other legal theory.

    In no event shall Wild Willpower PAC be liable for any damages arising from the use of third-party products or services, including but not limited to those provided by our partners or affiliates.

    By using our products or services, you acknowledge and agree to this limitation of damages. If you do not agree with this limitation, your only remedy is to discontinue the use of our products and services.

    This limitation of damages statement is intended to be enforceable to the fullest extent permitted by applicable law, and if any portion of this limitation is deemed invalid or unenforceable, the remainder of the limitation shall remain in full force and effect.

Forum

     This agreement shall be governed by and construed in accordance with the laws of the State of Iowa and the United States of America. Any legal action or proceeding arising out of or related to this agreement shall be brought exclusively in federal or state courts located in Iowa, and each party irrevocably consents to the jurisdiction of such courts for the purpose of any such action or proceeding.

Links To Other Web Sites

     Our Service may contain links to third-party web sites or services that are not owned or controlled by Wild Willpower.

     Wild Willpower has no control over, and assumes no responsibility for, the content, privacy policies, or practices of any third party web sites or services. You further acknowledge and agree that Wild Willpower shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such web sites or services.

     We strongly advise you to read the terms and conditions and privacy policies of any third-party web sites or services that you visit.

Termination

     We may terminate or suspend your account immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms.

     Upon termination, your right to use the Service will immediately cease. If you wish to terminate your account, you may simply discontinue using the Service.

     All provisions of the Terms which by their nature should survive termination shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity and limitations of liability.

Disclaimer

     Your use of the Service is at your sole risk. The Service is provided on an “AS IS” and “AS AVAILABLE” basis. The Service is provided without warranties of any kind, whether express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, non-infringement or course of performance.

Governing Law

     These Terms shall be governed and construed in accordance with the laws of United States and the State of Iowa.

     Our failure to enforce any right or provision of these Terms will not be considered a waiver of those rights.  These Terms constitute the entire agreement between us regarding our Service, and supersede and replace any prior agreements we might have between us regarding the Service.

Severability

   If any portion of this Disclaimer and/or Terms of Use are deemed unenforceable, that shall not affect any other part of this Agreement. The unenforceable or illegal portion will be deemed deleted, and the Terms remaining shall remain valid and enforceable.

Contact Us

    If you have any questions about these Terms, please contact us: [email protected].