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 ?
The Bankruptcy Court held that a creditor could not invoke its PACA trust rights to stop a debtor from using cash that is part of a PACA trust until full payment of the creditor's PACA claim.
Justifiably confused by this new development, Debtor Dan objected and insisted that his neighbor, Debtor Debbie, filed for bankruptcy, didn't claim her home as exempt, and was able to claim the wild card exemption.
First, if the debtor is in default as of the bankruptcy filing, the trade creditor's leverage is vastly improved as courts have held that the defaulted debtor cannot compel the creditor to continue to provide goods or services on credit.
The Debtor valued the property at $125,000 in his bankruptcy schedule.
325) the court implied that restraining notices are completely ineffective against senior secured parties, where there is no valuable debtor equity in the collateral.
In case of the decision on limiting the debtor's rights on the property disposition the bodies of investigation and inquiries also make records without the consent of the debtor.
Filing the petition acts as an immediate freeze--that is, a legal stay--on any and all actions by creditors against the debtor and the debtor's property.
The society pointed to an international agreement that prevents imprisonment of such debtors.
At each stage of the process it's important to take some time to consider whether or not your debtor has the money to pay.
Bank assumed responsibility for the distribution of the VP Trust assets, which comprised most of the remaining assets of VP Debtors.
The creditor is the individual or organisation who is owed money by a debtor.
11 USC section 707(b)(1) allows for the dismissal of Chapter 7 bankruptcy petitions when the court finds that granting the debtor a discharge would be an abuse of the chapter's provisions.