### Question
How does the law define obligation?


### Answer
Under *APPENDIX U.S.C. § 1271*, **obligation** is defined as:

> any note, bond, debenture, or other evidence of indebtedness (exclusive of notes or other obligations issued by the Secretary pursuant to section 1275(d) of this Appendix and obligations eligible for investment of funds under sections 1272 and 1279a(d) of this Appendix), issued for one of the purposes specified in section 1274(a) [2](#1271_2_target) of this Appendix;

#### Citation:
  - *APPENDIX U.S.C. § 1271*
  - Heading: **CHAPTER 27-MERCHANT MARINE ACT, 1936 > SUBCHAPTER XI-FEDERAL SHIP MORTGAGE INSURANCE**

