What is PRINCIPAL AND ACCESSORY?

A principal contract is one which stands by itself, justifies its own existence, and is not subordinate or auxiliary to any other. Accessory contracts are those made for assuring the performance of a prior contract, either by the same parties or by others, such as suretyship, mortgage, and pledges. Cir. Code La. art. 1764

More On This Topic



Link to This Definition
Did you find this definition of PRINCIPAL AND ACCESSORY helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary