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Debt

A sum of money that is owed or due to be paid because of an express agreement; a specified sum of money that one person is obligated to pay and that another has the legal right to collect or receive. A fixed and certain obligation to pay money or some other valuable thing or things, either in the present or in the future. In a still more general sense, that which is due from one person to another, whether money, goods, or services. In a broad sense, any duty to respond to another in money, labor, or service; it may even mean a moral or honorary obligation, unenforceable by legal action. Also, sometimes an aggregate of separate debts, or the total sum of the existing claims against a person or company. Thus we speak of the "national debt," the "bonded debt" of a corporation, and so on.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

debt

n. 1) a sum of money due to another. 2) obligation to deliver particular goods or perform certain acts according to an agreement, such as returning a favor. 3) a cause of action in a lawsuit for a particular amount owed. (See: common counts)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

debt

a sum of money owed by one person to another. Debts may be secured or unsecured. Secured debts are those over which the creditor has some security in addition to the personal liability of the debtor (as in a mortgage, charge or lien). So, a secured creditor may proceed against the assets or promises (in the case ofa guarantee) that constitute his security. An unsecured creditor must prove with the general creditors in the debtor's insolvency. After the making of a bankruptcy order, no person who is a creditor of the bankrupt in respect ofa debt provable in the bankruptcy has any remedy against the property or person of the bankrupt in respect of that debt, or may, before the discharge of the bankrupt, commence any action or other legal proceedings against the bankrupt except with the leave of the court and on such terms as the court may impose. In place of these rights, the creditors acquire a right to share proportionally in the distribution by the trustee of the bankrupt's estate of the bankrupt's assets that became vested in the trustee.
Collins Dictionary of Law © W.J. Stewart, 2006

DEBT, contracts. A sum of money due by certain and express agreement. 3 Bl. Com. 154. In a less technical sense, as in the "act to regulate arbitrations and proceedings in courts of justice" of Pennsylvania, passed the 21st of March, 1806, s. 5, it means an claim for money. In a still more enlarged sense, it denotes any kind of a just demand; as, the debts of a bankrupt. 4 S. & R. 506.
     2. Debts arise or are proved by matter of record, as judgment debts; by bonds or specialties; and by simple contracts, where the quantity is fixed and specific, and does not depend upon any future valuation to settle it. 3 Bl. Com. 154; 2 Hill. R. 220.
     3. According to the civilians, debts are divided into active and passive. By the former is meant what is due to us, by the latter, what we owe. By liquid debt, they understand one, the payment of which may be immediately enforced, and not one which is due at a future time, or is subject to a condition; by hypothecary debt is meant, one which is a lien over an estate and a doubtful debt, is one the payment of which is uncertain. Clef des Lois Rom. h.t.
     4. Debts are discharged in various ways, but principally by payment. See Accord and Satisfaction; Bankruptcy; Confusion Compensation; Delegation; Defeasance; Discharge of a contract; Extinction; Extinguishment; Former recovery; Lapse of time; Novation; Payment; Release; Rescission; Set off.
     5. In payment of debts, some are to be paid before others, in cases of insolvent estates first, in consequence of the character of the creditor, as debts due to the United States are generally to be first paid; and secondly, in consequence of the nature of the debt, as funeral expenses and servants' wages, which are generally paid in preference to other debts. See Preference; Privilege; Priority.

DEBT, remedies. The name of an action used for the recovery of a debt eo nomine and in numero though damages are generally awarded for the detention of the debt; these are, however, in most instances, merely nominal. 1 H. Bl. 550; Bull. N. P. 167 Cowp. 588.
     2. The subject will be considered with reference, 1. To the kind of claim or obligation on which this action may be maintained. 2. The form of the declaration. 3. The plea. 4. The judgment.
     3.-1. Debt is a more extensive remedy for the recovery of money than assumpsit or covenant, for it lies to recover money due upon legal liabilities, as, for money lent, paid, had and received, due on an account stated; Com. Dig. Dett, A; for work and labor, or for the price of goods, and a quantum valebant thereon; Com. Dig. Dett, B Holt, 206; or upon simple contracts, express or implied, whether verbal or written, or upon contracts under seal, or of record, or by a common informer, whenever the demand for a sum is certain, or is capable of being reduced to certainty. Bull. N. P. 167. It also lies to recover money due on, any specialty or contract under seal to pay money. Str. 1089; Com. Dig. Dett, A 4; 1 T. R. 40. This action lies on a record, or upon a judgment of a court of record; Gilb. Debt, 891; Salk. 109; 17 S. & R. 1; or upon a foreign judgment. 3 Shepl. 167; 3 Brev. 395. Debt is a frequent remedy on statutes, either at the suit of the party grieved, or of a common informer. Com. Dig. Action on Statute, E; Bac. Ab. Debt, A. See, generally, Bouv. Inst. Index, h.t.; Com. Dig. h.t.; Dane's Ab. h.t.. Vin. Ab. h.t.; Chit. Pl. 100 to 109; Selw. N. P. 553 to 682; Leigh's N. P. Index, h.t. Debt also lies, in the detinet, for goods; which action differs from detinue, because it is not essential in this action, as in detinue, that the property in any specific goods should be vested in the plaintiff, at the time the action is brought; Dy. 24 b; and debt in the debet and detinet may be maintained on an instrument by which the defendant is bound to pay a sum of money lent, which might have been discharged, on or before the day of payment, in articles of merchandise. 4 Yerg. R. 171; see, Com. Dig. Dett, A 5; Bac. Ab. Debt, F; 3 Wood. 103, 4; 1 Dall. R. 458.
     4.-2. When the action is on a simple contract, the declaration must show the consideration of the contract, precisely as in assumpsit; and it should state either a legal liability or an express agreement, though not a promise to pay the debt. 2 T. R. 28, 30. When the action is founded on a specialty or record, no consideration need be shown, unless the performance of the consideration constitutes a condition precedent, when performance of such consideration must be averred. When the action is founded on a deed, it must be declared upon, except in the case of debt for rent. 1 New R. 104.
     5.-3. The plea to an action of debt is either general or special. 1. The plea of general issue to debt on simple contracts, or on statutes, or when the deed is only matter of inducement, is nil debet. See Nil debet. In general, when the action is on a specialty, the plea denying the existence of the contract is non est factum; 2 Ld. Raym. 1500; to debt on record, nul tiel record. 16 John. 55. Other matters must, in general, be pleaded specially.
     6.-4. For the form of the judgment, see Judgment in debt. Vide Remedy.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Lastly, it is noteworthy that most of the claims seen by the court follow from PS arrests whereby the principal sum only was claimed.
Nevertheless, the object will be to secure the principal sum as far as possible so little risk must be taken and particular attention to corporate balance sheets is necessary."
"No payments, on either the principal sum or interest, are due until that date," said Ridsdale.
The lawyer wrote: "I trust this will ensure some realism is injected into any expectation your client may have in respect to the principal sum."
Richard Thomas Bergeron appealed, from so much of an order of the Supreme Court of New York as denied their motion to avoid the enforcement of a purported settlement in the principal sum of $3 million.
New executive chairman John Hartley said in the interim statement that Constantine Folkes had agreed to repay a principal sum, past interest and a contribution to professional costs totalling pounds 3,575,000 plus any tax penalties that the group may incur as a result of his activities.
AS you did not pay the principal sum until the court papers came, you have to pay court expenses for raising proceedings.
Was there an existing, unconditional and legally enforceable obligation to pay a principal sum? If an existing, legally enforceable obligation is materially conditional, it may still give rise to an indebtedness, if the contingency is beyond the control of the person seeking the deduction, the amount of the debt is fixed and the payor's liability to the payee is primary and direct.
After a nonjury trial held on November 3, 2014, the Civil Court found in favor of plaintiff and awarded it the principal sum of $1,131.68.
The reduced payments will only go towards interest, however, with payments going towards the principal sum from the sixth year on.
For meeting principal repayments, beyond ensuring the principal sum is available in the Finance Reserve Service Account (FSRA) six months before repayment, half of the principal amount would have been set aside nine months before.

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