põhivõlgniku

Põhivõlgnik is an Estonian legal term that translates to "principal debtor" or "main debtor." It refers to the individual or entity who is primarily liable for the repayment of a debt. In a loan agreement or other financial obligation, the põhivõlgnik is the one who initially promised to fulfill the contractual terms, typically by making payments.

The põhivõlgnik's obligation is direct and unconditional. This means that the creditor can, without needing to pursue any other parties, demand the fulfillment of the debt from the põhivõlgnik. If the põhivõlgnik fails to meet their obligations, the creditor has the right to take legal action against them to recover the owed amount. This often involves enforcing security if one exists, such as seizing collateral.

In situations where there are multiple parties involved in a debt, such as co-signers or guarantors, the põhivõlgnik is distinguished from these secondary obligors. While guarantors or sureties might become liable if the põhivõlgnik defaults, their obligation is typically secondary and contingent on the primary debtor's failure to pay. The põhivõlgnik is the first point of recourse for the creditor. Understanding who the põhivõlgnik is is crucial in any credit or debt arrangement, as it clarifies the primary responsibility for the financial obligation.