Debtor

Debtor
"Legal Lexicon":
DEBTOR - A person or entity who owes an obligation of a fixed or certain amount. One who owes a debt; he who may be constrained to pay what he owes.
A debtor is bound to pay his debt personally, and all the estate he possesses or may acquire, is also liable for his debt.
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.
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.
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English-Chinese law dictionary (法律英汉双解大词典). 2013.

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Look at other dictionaries:

  • debtor — debt·or n: a person who owes a debt see also bankrupt compare creditor, obligee, obligor ◇ The Bankruptcy Act of 1978 calls the person concerned in a bankruptcy case the “debtor” as opposed to the “bankrupt.” …   Law dictionary

  • Debtor — Debt or, n. [OE. dettur, dettour, OF. detor, detur, detour, F. d[ e]biteur, fr. L. debitor, fr. debere to owe. See {Debt}.] One who owes a debt; one who is indebted; correlative to creditor. [1913 Webster] [I ll] bring your latter hazard back… …   The Collaborative International Dictionary of English

  • debtor — the entity seeking protection from creditors under the bankruptcy laws (Glossary of Common Bankruptcy Terms) A person who has filed a petition for relief under the bankruptcy laws. (BankruptcyAction.com) The debtor is the entity ( person,… …   Glossary of Bankruptcy

  • debtor — early 13c., dettur, dettour, from O.Fr. detour, from L. debitor a debter, from pp. stem of debere; see DEBT (Cf. debt). The b was restored in later French, and in English c.1560 c.1660. The KJV has detter three times, debter three times, debtor… …   Etymology dictionary

  • debtor — ► NOUN ▪ a person who owes money …   English terms dictionary

  • debtor — [det′ər] n. [altered (after L) < ME dettur < OFr detor < L debitor < debitus, pp. of debere: see DEBT] a person, company, nation, etc. that owes something to another or others …   English World dictionary

  • debtor — a person or business who owes money (1) A party who owes money or other performance to another party. Under the UCC, debtor includes the seller of accounts or chattel paper. (2) For the purposes of UCC provisions dealing with collateral, debtor… …   Financial and business terms

  • Debtor — A debtor is an entity that owes a debt to someone else. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterparts of this debt arrangement is a bank, the… …   Wikipedia

  • debtor — One who owes a debt 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. First Nat. Bank & Trust Co. in Macon v. Kunes, 128 Ga.App. 565, 197 S.E.2d 446,… …   Black's law dictionary

  • debtor — One who owes a debt 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. First Nat. Bank & Trust Co. in Macon v. Kunes, 128 Ga.App. 565, 197 S.E.2d 446,… …   Black's law dictionary

  • Debtor — A company or individual who owes money. If the debt is in the form of a loan from a financial institution, the debtor is referred to as a borrower. If the debt is in the form of securities, such as bonds, the debtor is referred to as an issuer.… …   Investment dictionary

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