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obligation in services, money, or goods owed by one party, the debtor, to another, the creditor. When contested, debts are collected by a civil suit upon which the judge renders a judgment, and an execution is levied on the debtor's property. In ancient nations debt was associated with slavery because the insolvent debtor and his household were in many cases turned over to the creditor to perform compulsory services. In early Rome the insolvent was given into custody of the creditor for 60 days prior to his sale as a slave, subject to such treatment as pleased the creditor. That arrangement was mitigated in 494 B.C. by the first of the uprisings of the Roman people; turbulence in Rome afterward was to a large extent occasioned by the desire to restrain creditors. In Greece the reforms of SolonSolon
, c.639–c.559 B.C., Athenian statesman, lawgiver, and reformer. He was also a poet, and some of his patriotic verse in the Ionic dialect is extant. At some time (perhaps c.600 B.C.) he led the Athenians in the recapture of Salamis from the Megarians.
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 had a similar origin. In ancient Israel, every 50th year—the year of jubilee—Jewish debtors were freed and their obligations were canceled. Sumerian and Babylonian kings also periodically proclaimed jubilee periods when debts over seven years old were forgiven. Imprisonment for debt, which once crowded prisons, was ended in theory in England and the United States by laws enacted in the 19th cent. The laws of bankruptcybankruptcy,
in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most instances, to
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 are designed to apply the resources of debtors to their debts and thereafter to remove such legal obligations.


See D. Graeber, Debt: The First 5,000 Years (2011).

References in periodicals archive ?
I'm looking forward to working closely with Dayan and others to further complement the firm's strong institutional M&A practice and expand the firm's successful debt finance footprint even further," said Mr.
A talented professional with an in-depth knowledge of the bank, Paolo's experience and leadership skills will be highly valued as we develop our Debt Finance activities in the Americas and further our strategy of providing integrated, global debt finance solutions to our clients," said Breillout.
With contributions from the leading international financial institutions, the Encyclopedia of Debt Finance is an essential text for all new entrants into debt markets and a useful reference book for those already specialised in one area but seeking a broader perspective.
GE Energy Financial Services recently expanded its debt finance group to integrate its expertise as a debt investor and arranger in large energy projects with its mid-market commercial energy lending in the United States, Canada and Europe.
and LAS VEGAS -- Growing its multi-billion-dollar global debt finance business, GE Energy Financial Services announced today that it is combining and expanding its institutional and mid-market commercial debt platforms.