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Glossary entry

Spanish term or phrase:

obligaciones de pago

English translation:

promissory notes

Added to glossary by peter jackson
Mar 21, 2011 09:13
13 yrs ago
19 viewers *
Spanish term

obligaciones de pago

Spanish to English Social Sciences History
El proceso se iniciaba con la publicación de un bando municipal por el que campesinos debían dar cuenta, en plazo previsto, de las cantidades que tenían previsto cosechar y de cuales podían ser sus necesidades. La Junta enviaba a labradores de confianza que trataran de investigar la veracidad de las declaraciones de aquéllos. Antes de entregar a los labradores el trigo asignado, se otorgaban *** obligaciones de pago **** donde se establecía el tiempo y las creces que debían cobrarse.

Any ideas?
Proposed translations (English)
4 +2 promissory notes
4 payment terms and conditions
4 payment liabilities
3 +1 payment bonds

Discussion

Simon Bruni Mar 22, 2011:
An ancient practice? It actually looks like such practices have been around for nearly 5,000 years:

On a Mesopotamian clay tablet dating back to 2750 BC, two farmers and a merchant wrote a form of surety bond: They described a guarantee for tending fields and sharing the proceeds. And around AD 150, the Roman Empire developed laws of surety that still exist in today's suretyship principles,

http://www.gradingandexcavation.com/november-december-2002/t...
Charles Davis Mar 22, 2011:
@Altogringo I do not know the exact period, but the context of this and earlier related questions from the asker strongly suggests that it is somewhere between the sixteenth and the eighteenth centuries inclusive. There was no significant change in terminology or procedures during that period. Promissory notes certainly existed in Spain in the first half of the sixteenth century. The expression "otorgar obligaciones de pago" must necessarily refer to written documents; "otorgar" cannot apply to verbal undertakings, and "obligaciones" would not be used for a mere verbal promise. In principle it is not absolutely certain, but extremely likely, that the "obligaciones" were notarised. The "labradores" were almost certainly illiterate, but that was no obstacle to entering into a written contract; the document was read to them, a witness (there had to be three) signed for them, and the notary recorded the fact. This was absolutely routine. It is possible that the "obligaciones" were written and signed in a municipal book (I have seen cases), but that makes no difference to the terminology.
Altogringo Mar 22, 2011:
Time frame What is the historical time context? I bring it up because financial instruments such as promissory notes or payment bonds might not have existed as such depending on the century. Were they actual physical documents given to the campesinos (who could have been illiterate)? Or just determined by the landowner/lord, published in written form in the bando municipal and explained to the campesino?
Evans (X) Mar 21, 2011:
I guess these are some kind of tithe (which was usually a tenth part) system. I don't know the historic circumstances of this practice in Spain, but that might give you a lead.

Proposed translations

+2
2 hrs
Selected

promissory notes

"Obligaciones" here means "cartas de obligación", which are legal instruments acknowledging an obligation and undertaking to discharge it by a specified date, normally subject to certain penalties. They were usually notarised. "Otorgar" was the standard verb for making and signing a notarial instrument. The obligation could be the performance of some service or the provision of goods, for example, but often it was a promise to pay a debt, and "de pago" shows that this is the case here.

"otorgar
3. tr. Der. Disponer, establecer, ofrecer, estipular o prometer algo. U. por lo común cuando interviene solemnemente la fe notarial."
http://buscon.rae.es/draeI/SrvltGUIBusUsual?TIPO_HTML=2&TIPO...

"obligación
5. f. Documento notarial o privado en que se reconoce una deuda o se promete su pago u otra prestación o entrega."
http://buscon.rae.es/draeI/SrvltGUIBusUsual?TIPO_HTML=2&TIPO...

In other words, an "obligación de pago" is like a formalised IOU. "Promissory note" is probably the nearest equivalent:
"A promissory note, referred to as a note payable in accounting, or commonly as just a "note", is a negotiable instrument, wherein one party (the maker or issuer) makes an unconditional promise in writing to pay a sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. They differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists."
http://en.wikipedia.org/wiki/Promissory_note

"Furthermore, individuals who could afford the services of a notary might enter into a loan agreement by signing a carta de obligación, or promissory note"
Jane E. Mangan, Trading roles: gender, ethnicity, and the urban economy in colonial Potosí, p. 107
http://books.google.es/books?id=hTKR3WY7dXoC&pg=PA107&lpg=PA...
Peer comment(s):
agree Yvonne Gallagher
1 hr
Many thanks, gallagy :)
agree Mirtha Grotewold
1 day 8 hrs
Thanks very much, Mirtha :)
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4 KudoZ points awarded for this answer. Comment: "Thanks again, Charles."
10 mins

payment terms and conditions

I have used this many times in the past
Something went wrong...
1 hr

payment liabilities

That's what it is.

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Note added at 1 hr (2011-03-21 10:45:12 GMT)
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1.8 - Query Disclosure of deferred payment liabilities for purchase of plant and machinery and borrowings from commercial banks for working ...
www.knowledgebible.com/forum/archive/index.php?t... - En caché

close-matching to the assets held for periodical payment liabilities, but where the payments are met on a pay-as-you-go basis, the concept of close-matching ...
www.carus-actuaries.co.uk/close_m.pdf - Similares
Something went wrong...
+1
15 mins

payment bonds

My impression, since "ortorgar" is normally followed by something positive for the receiver, is that, upon delivering the wheat, they receive bonds that can later be cashed in.

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Note added at 23 hrs (2011-03-22 08:56:59 GMT)
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OR "surety bond":

The History and Basics of Surety Bonds

On a Mesopotamian clay tablet dating back to 2750 BC, two farmers and a merchant wrote a form of surety bond: They described a guarantee for tending fields and sharing the proceeds. And around AD 150, the Roman Empire developed laws of surety that still exist in today's suretyship principles.

http://www.gradingandexcavation.com/november-december-2002/t...
Peer comment(s):
agree Diana Rodríguez Pérez
1 hr
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