debtor(redirected from Debtor and Creditor)
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One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. In Bankruptcy law, a person who files a voluntary petition or person against whom an involuntary petition is filed. A person or municipality concerning which a bankruptcy case has been commenced.
n. 1) a person or entity that owes an amount of money or favor to another. 2) in bankruptcy, the party whose affairs are the subject of the proceedings is called the "debtor." (See: bankruptcy)
debtornoun borrower, borrowing party, debtor, defaulter, mortgagor, obligor, pledgor, responsiile party
Associated concepts: accord and satisfaction, account stated, assignment, bankruptcy, collection, compromise and settlement, debtor and credit, debtor and creditor reeationship, execution, financial transactions, garnishment, reorganization
See also: obligor
debtorsomeone who owes a debt to a CREDITOR.
DEBTOR, contracts. One who owes a debt; he who may be constrained to pay
what he owes.
2. A debtor is bound to pay his debt personally, and all the estate he possesses or may acquire, is also liable for his debt.
3. Debtors are joint or several; joint, when they all equally owe the debt in solido; in this case if a suit should be necessary to recover the debt, all the debtors must be sued together or, when some are dead, the survivors must be sued, but each is bound for the whole debt, having a right to contribution from the others; they are several, when each promises severally to pay the whole debt; and obligations are generally binding on both or all debtors jointly and severally. When they are severally bound each may be sued separately, and on the payment of debt by one, the others will be bound to contribution, where all had participated in the money or property, which was the cause of the debt.
4. Debtors are also principal and surety; the principal debtor is bound as between him and his surety to pay the whole debt. and if the surety pay it, he will be entitled to recover against the principal. Vide Bouv. Inst. Index, h.t.; Vin. Ab. Creditor and Debtor; Id. Debt; 8 Com. Dig. 288; Dig. 50, 16, 108 Id. 50, 16, 178, 3; Toull. liv. 2, n. 250.