Debtor


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Debtor

 

in civil law, a party to an obligation, that is, a party obliged to perform a certain act or to refrain from performing an act. Only persons able to exercise civil rights and obligations, that legal “persons”[such as corporations] can act in the capacity of debtors.

In bilateral contractual obligations, one and the same person can be both a debtor and a creditor (for example, under a sale and delivery contract the contractor is a debtor as far as his obligation to deliver goods is concerned and a creditor in connection with the receipt of money). In obligations, several persons can be the debtor (the so-called plurality of debtors). In this case, the obligation is fulfilled by each debtor to the extent of his share and, in the case of joint and several liability, each of the debtors is obliged to fulfill the obligation to the full extent (for example, in the case of indivisibility of the object of obligation, see the Civil Code of the RSFSR, art. 180; in the case of joint guaranty, the Civil Code of the RSFSR, art. 204). The debtor who has fulfilled the obligation in its entirety has the right of claim on other debtors for exoneration.

E. G. POLONSKII

References in periodicals archive ?
On the date the bankruptcy was filed -- in a series of "first day motions" -- the Debtors filed motions relating to the use of cash collateral and cash management.
Some of the disadvantages of an IVA are: If the debtor does not keep |up with repayments, s/he can still be made be made bankrupt by the insolvency practitioner or the creditors; The debtor's home assets |may still be at risk.
The Debtor valued the property at $125,000 in his bankruptcy schedule.
317) This is so whether the debtor equity is valuable or not.
If the debtor has debts on taxes and other obligatory payments the state tax and customs service bodies make records without the debtor's consent.
Should the debtor still refuse to acknowledge the debt, a solicitor would then file a claim with the County Court.
estimated that the average Chapter 7 debtor entered bankruptcy with
threats to call a debtor s friends and employer until the debt was repaid
1) A writ of garnishment is an order issued by the court, whereby the "garnishor"--the creditor who brings the garnishment action--procures a lien on personal property of a judgment debtor in the possession of a third party, referred to as the "garnishee.
He added: "Imprisoning the debtor could also have a knock-on effect on other innocent people.
Act proportionately when seeking to recover debts, taking into account debtors' circumstances--actions taken in respect of arrears or default should give proper consideration to available options and the likely effect of such actions on the debtor (taking account of the information available to the business at that time)
BUSINESS circumstance can change quickly and once judgement has been obtained you would hope that your debtor pays you.