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A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. 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.
In English and American law, a judgment debtor is a person against whom a judgment ordering him to pay a sum of money has been obtained and remains unsatisfied. Such a person may be examined as to their assets, and if the judgment debt is of the necessary amount he may be made bankrupt if he fails to comply with a bankruptcy notice (in US law, an involuntary petition) served on him by the ...
An unpaired word is one that, according to the usual rules of the language, would appear to have a related word but does not. [1] Such words usually have a prefix or suffix that would imply that there is an antonym, with the prefix or suffix being absent or opposite.
Debtor and Creditor can refer to: Debtor; Creditor; See also. Debt This page was last edited on 28 ... Cookie statement; Mobile view ...
Debtors may now retain occupational pensions while in bankruptcy, except in rare cases. [38] Proposed reform. The Government have updated legislation (2016) to streamline the application process for UK bankruptcy. UK residents now need to apply online for bankruptcy - there is an upfront fee of £680.
However the creditor has only one cause of action; i.e., they can sue for each debt only once. If the claim fails against one party, the bank cannot go on to sue any of the others. If the claim fails against one party, the bank cannot go on to sue any of the others.
Hypothec (/ h aɪ ˈ p ɒ θ ɪ k, ˈ h aɪ p ɒ θ-/; German: Hypothek, French: hypothèque, from Lat. hypotheca, from Gk. ὑποθήκη: hypothēkē), sometimes tacit hypothec, is a term used in civil law systems (e.g. the law of most of Continental Europe) or to refer to a registered real security of a creditor over real estate, but under some jurisdictions it may additionally cover ships ...
When the debt is cancelled, the creditor forgives the debt, thereby releasing that debtor from the whole obligation. In the context of a solidary obligation, if the obligee cancels the debt of some—but not all—of the obligors, the obligation is reduced by an amount proportionate to those whose debts have been cancelled; the obligee ...