debtor

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Debtor

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.

debtor

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)

debtor

noun 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

debtor

someone 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.

References in classic literature ?
The condemned felon has as good a yard for air and exercise in Newgate, as the insolvent debtor in the Marshalsea Prison.
The debtor took his stick again, and bowing his head left the court.
Next he asked me some questions about YOU; saying that he had heard of you as a man of good principle, and that since he was unwilling to remain your debtor, would a sum of five hundred roubles repay you for all you had done for me?
But the woman had fled through a door, and on the paper was written:--"This is to certify that I, The Worm, have paid in full my debts to the Senior Subaltern, and, further, that the Senior Subaltern is my debtor, by agreement on the 23d of February, as by the Mess attested, to the extent of one month's Captain's pay, in the lawful currency of the India Empire.
You had made me eternally your debtor had you shaken out the flame," he said.
It was formerly the custom in our village, when a poor debtor came out of jail, for his acquaintances to salute him, looking through their fingers, which were crossed to represent the grating of a jail window, "How do ye do?
If you are generous, here is a fitting opportunity for the exercise of your magnanimity: if you are proud, here am I - your rival - ready to acknowledge myself your debtor for an act of the most noble forbearance.
As a bailiff, when well authorized by his writ, having possessed himself of the person of some unhappy debtor, views all his tears without concern; in vain the wretched captive attempts to raise compassion; in vain the tender wife bereft of her companion, the little prattling boy, or frighted girl, are mentioned as inducements to reluctance.
I will, then, up to this point acknowledge myself your debtor.
In all such cases your movers, and your seconders, and your supporters --your regular Professors of all degrees, run amuck like so many mad Malays; habitually attributing the lowest and basest motives with the utmost recklessness (let me call your attention to a recent instance in yourself for which you should blush), and quoting figures which you know to be as wilfully onesided as a statement of any complicated account that should be all Creditor side and no Debtor, or all Debtor side and no Creditor.
He had not shown the slightest sign of attempting to fix anything that I had said to him in his mind, until I mentioned the time at which it was customary to permit the earliest repayment, on the part of a debtor, of money that had been advanced as a loan.
On the date the bankruptcy was filed -- in a series of "first day motions" -- the Debtors filed motions relating to the use of cash collateral and cash management.