In contrast with the rules on negotiable instruments, an endorsement of a bill of lading does not make the endorser liable for any default of the carrier or previous endorsers.
American banks and insurance companies may also be liable for the biggest share of default insurance payments to European institutions if Greece or other countries fail.
According to documents describing the deals, if the insurer's credit rating dropped below a certain threshold, and San Francisco could not get new coverage, the city would fall into default and be liable for penalties of up to $126 million.
Critics say the plan was wildly expensive and was privatised in name only, with the federal government still liable for financial problems or the contractor's default.
If the seller is unable to close on the "time of the essence" closing date because the certificate has not been issued or the repairs have not been completed, he could be deemed in default and could be liable for damages.
Tells about preparations made for default.
Legally you will be jointly liable for making repayments, so if your child defaults you could end up with a black mark against your name.
The concern is that if the health system defaults, the county is liable for paying off the bonds, and that additional debt would damage the county's already poor credit rating and drive up interest costs.
No explanation as to whether the council would be liable for the debt if relegation-threatened West Ham defaulted.
"If this kind of practice reduces the overall quality of a mortgage-backed security, and it later defaults, then someone is likely liable for materially misleading statements in the offering documents and this could be either the loan originator or the underwriter, or, most likely, both".
The founders did not defend themselves in the American court, and in July 2008, a bankruptcy judge — who termed their scheme "deceptive" — ruled that they had defaulted in the case and held them liable for the full amount owed to their creditors.
