Search results
Results from the WOW.Com Content Network
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.
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. It is a person or institution to whom money is owed. [1]
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
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 ...
In finance, default is failure to meet the legal obligations (or conditions) of a loan, [1] for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity.
Definition [ edit ] Though the Forced Labour Convention of 1930 by the International Labour Organization , which included 187 parties, sought to bring organised attention to eradicating slavery through forms of forced labor , formal opposition to debt bondage in particular came at the Supplementary Convention on the Abolition of Slavery in 1956.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
Failure to make a payment on an unsecured debt may ultimately result in reporting the delinquent debt to a credit reporting agency or legal action. However, a nongovernmental unsecured creditor cannot seize any of your assets without a court judgment in the U.S.