Implication of the Principle of Nominalism upon Fulfillment of a Monetary Obligation
Keywords:
Monetary obligations; the principle of 'nominalism'; Article 389 of the Civil Code of Georgia (CCG).Abstract
Monetary is the obligation[1], the object of which is the payment of a certain amount of money.[2] According to common understanding, money, as an economic category and an article of commerce, accomplishes certain duties in public relationships. The concept of money is a part of not only the economic life, but also of the legal world.[3] The duties of the money are identical functions both in private and public law relations, encompassing the universal option of evaluation, transfer, and accumulation of values, being a settlement unit as well.
Based on the analysis of the doctrine and judicial practice the paper discusses not the specificities of fulfillment of a monetary obligation in general, but rather the legal nature of the so-called principle of 'nominalism' envisaged by Article 389 of the CCG. This rule aims at promoting the development of market economy and procurement for the sustainability of civil-law relations.[4]
[1] Donnelly M., The Law of Banks and Credit Institutions, Dublin, 2000, 369.
[2] Weiler F., Schuldrecht AT, Baden-Baden, Nomos, 2012, § 9, Rn 2.
[3] Mann F. A., The Legal Aspect of Money with Special Reference to Comparative Private and Public International Law, 5th ed., Oxford, 1992, 3.
[4] Meskhishvili K., Topical Issues of Private Law, Vol. I, GIZ, Tbilisi, 2020, 128 (in Georgian).
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