natural obligation

noun | \ ˌä-blə-ˈgā-shən \ | ob·li·ga·tion

1. : a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment); also : the binding power of such an agreement or indication held that the amendment did not unconstitutionally impair the obligations of contracts —Davis v. American Family Mut. Ins. Co., 521 N.W.2d 366 (1994) : the binding power of such an agreement or indication held that the amendment did not unconstitutionally impair the obligations of contracts —Davis v. American Family Mut. Ins. Co., 521 N.W.2d 366 (1994)

2. : a debt security (as a corporate or government bond)

   — collateralized debt obligation
   : a security backed by a pool of diversified securities that usually do not include mortgages

   — collateralized loan obligation
   : a security backed by a pool of commercial loans

   — collateralized mortgage obligation
   : a bond collateralized by a pool of mortgage obligations or pass-through securities and paid according to the maturity and amortization schedule of its class and not directly from the underlying obligations — called also CMO

   a : a commitment to pay a particular amount of money does not create a debt, liability, or other obligation, legal or moral —State v. Florida Dev. Fin. Corp., 650 So. 2d 14 (1995) also : an amount owed in such a commitment : an amount owed in such a commitment

   b : a duty arising from law, contract, or morality had a legal obligation as an employer a contractual obligation

4. : a relationship that binds one party to a performance (as a payment or transfer) or nonperformance for another party — see also contract, offense, quasi-offense

   Note: An obligation under civil law may arise by operation of law, naturally, or by contract or other declaration of will. The elements of an obligation are: the parties, an object, the relationship by virtue of which one party is bound to perform for the other's benefit, and, in the case of conventional obligations, a cause.

   — conditional obligation
   : an obligation that is dependent on an uncertain event

   — conventional obligation
   : an obligation taking the form of a contract

   — heritable obligation
   : an obligation that may be enforced by the successor of the obligee or against the successor of the obligor

   — joint obligation
   : an obligation binding different obligors to a performance for one obligee : an obligation binding one obligor to a performance for different obligees Note: In civil law, one of two or more obligors in a joint obligation is only liable for his or her portion of the performance.

   — natural obligation
   : an obligation arising from moral duty that is implied but not enforceable by the law

   — several obligation
   : any of the obligations binding different obligors to separate performances for one obligee : any of the obligations binding an obligor to separate performances for different obligees

   — solidary obligation
   : an obligation under which any of two or more obligors can be held liable for the entire performance (as payment of a debt) Note: Solidary obligation is similar to joint and several liability in common law.