debtor


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Related to debtor: Judgment debtor

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.
How soon have those same eyes, deeply sunken in the head, glared from faces wasted with famine, and sallow from confinement, in days when it was no figure of speech to say that debtors rotted in prison, with no hope of release, and no prospect of liberty
Those who are creditors, and those who are debtors, fall under a like discrimination.
It is a question to which the creditors are parties on one side and the debtors on the other.
Sorry, yes; so would the tradespeople who had had my money and the men who call themselves my friends and forget that they are my debtors.
We are your debtors, as well as Belle, and demand the privilege of paying up.
debtors there is still a good deal of confusion between assets and
liberating debtors, and distributing land to the people and his followers, and wanting to be so kind and good to every one!
But, whosoever goes into Marshalsea Place, turning out of Angel Court, leading to Bermondsey, will find his feet on the very paving-stones of the extinct Marshalsea jail; will see its narrow yard to the right and to the left, very little altered if at all, except that the walls were lowered when the place got free; will look upon rooms in which the debtors lived; and will stand among the crowding ghosts of many miserable years.
On November 10, 2015, there was a hearing on Debtor's Motion to Reject the Executory Contract between the Debtor and the Trust.
An IVA is a formal, legallybinding agreement between a debtor and his/her creditors, usually non-priority creditors, to repay debts in part or in full, over a fixed period of time.
A Chapter 13 bankruptcy debtor (Debtor) filed an adversary proceeding seeking a declaration that a creditor's second mortgage lien on his residence was void.