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A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party.
Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date ...
The words debit and credit can sometimes be confusing because they depend on the point of view from which a transaction is observed. In accounting terms, assets are recorded on the left side (debit) of asset accounts, because they are typically shown on the left side of the accounting equation ( A=L+SE ).
The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt.
A creditor nation is a sovereign state that has a positive NIIP. [ 1 ] The table uses the latest available data, mostly from websites approved by the International Monetary Fund , [ 2 ] and includes Macau and Hong Kong because of their special economic statuses.
A credit record is a record of the credit history of a person or business entity, potentially including payment history, default and bankruptcy. Information about debts, late payments and default may be placed by a borrower's credit record, and usually remain for several years. Reports to credit reporting agencies may not necessarily be ...
Creditor beneficiary – e.g., when Andrew owes some debt to Charlie, and Andrew agrees to provide some consideration to Bethany in exchange for her promise to pay Charlie some of the debt Donee beneficiary – e.g., when Andrew wishes to make a gift to Charlie and Andrew agrees to provide some consideration to Bethany in exchange for her ...
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. [1]In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a pari passu distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured ...