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An obligation is a legal bond (vinculum iuris) by which one or more parties (obligants) are bound to act or refrain from acting. An obligation thus imposes on the obligor a duty to perform, and simultaneously creates a corresponding right to demand performance by the obligee to whom performance is to be tendered.
State law generally sets the conditions under which a local government can issue general obligation debt, including the type of security that is available: A limited-tax general obligation pledge requires a local government to levy a property tax sufficient to meet its debt service obligations but only up to a statutory limit.
In 1966, Congress enacted the Bail Reform Act, which expanded the bail rights of federal criminal defendants by giving non-capital defendants a statutory right to be released pending trial, on their personal recognizance or on personal bond, unless a judicial officer determined that such incentives would not adequately assure the defendant's appearance at trial.
Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt from state income tax as well, depending on the applicable state laws. [14] Internal Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax. [15]
Customs bonds, including importer entry bonds, which assure compliance with all relevant laws, as well as payment of import duties and taxes. [citation needed] Tax bonds, which assure that a business owner will comply with laws relating to the remittance of sales or other taxes. [citation needed] Reclamation and environmental protection bonds
common-law lien—a lien arising under the common law, rather than by statute, equity, or agreement between the parties. concurrent lien—means one of two or more liens over the same property. consummate lien (United States)—a judgment lien arising after the denial of a motion for a new trial.
It is a tenet of statutory construction that the legislature is supreme (assuming constitutionality) when creating law and that the court is merely an interpreter of the law. Nevertheless, in practice, by performing the construction the court can make sweeping changes in the operation of the law.
In American law, the clear statement rule is a guideline for statutory construction, instructing courts to not interpret a statute in a way that will have particular consequences unless the statute makes unmistakably clear its intent to achieve that result. [1]