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Liability: Difference between revisions
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You may occasionally see a covenant from an [[repackaging]] [[espievie]] to its [[security trustee]] as follows: | You may occasionally see a covenant from an [[repackaging]] [[espievie]] to its [[security trustee]] as follows: | ||
{{quote|'''[[Payment of Liabilities]]''': The issuer must, [[at all times]], pay its liabilities out of its own funds or [[Procure|procure]] payment of such liabilities by other persons out of moneys owing to it.}} | {{quote|'''[[Payment of Liabilities]]''': The issuer must, [[at all times]], pay its liabilities out of its own funds or [[Procure|procure]] payment of such liabilities by other persons out of moneys owing to it.}} | ||
This seems to be as close to canonical as anything on Planet Repack, but it hardly stands up to close scrutiny. What does it even mean? Is it a simply covenant to its trustee perform its contractual obligations to others? On what planet would | This seems to be as close to canonical as anything on Planet Repack, but it hardly stands up to close scrutiny. What does it even mean? Is it a simply covenant to its trustee perform its contractual obligations to others? Security trustees are unusually inert bodies, especially when it comes to repackagings. They are like [[Vogon]]s. They would not, as [[Douglas Adams]] once put it (about Vogons) | ||
{{quote|“... even lift a finger to save their own grandmothers from the Ravenous Bugblatter Beast of Traal without orders signed in triplicate, sent in, sent back, queried, lost, found, subjected to public inquiry, lost again, and finally buried in soft peat for three months and recycled as firelighters.”}} | |||
On what planet would one be animated enough to take upon itself the job of enforcing some one else’s entitlement, if the someone else in question was not inclined to do so herself? And for what? Or is it meant to ''constrain'' how the issuer discharges its liabilities to others; to proscribe the manner in which it discharges its debts? In which case, how else could it meet its liabilities other than from funds it holds or which are owed to it, without committing aggravated robbery? | |||
{{sa}} | {{sa}} | ||