Debtor

(redirected from Debtors)
Also found in: Dictionary, Thesaurus, Legal, Financial, Wikipedia.

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 November 10, 2015, there was a hearing on Debtor's Motion to Reject the Executory Contract between the Debtor and the Trust.
Significantly, the security agreement in CIMC provided that one of the judgment debtors could have a distribution from the encumbered account to cover operating expenses.
applied the replacement-value standard for Chapter 7 debtors as well,
The Federal Court of Australia has found one of Australia s largest debt collection companies, ACM Group Limited, harassed and coerced debtors and engaged in 'widespread' and 'systemic' misleading and deceptive conduct when recovering money.
11 modified Florida's wage garnishment exemption and afforded greater protection to debtors.
The society pointed to an international agreement that prevents imprisonment of such debtors.
It also sets out specific business practices which the OFT considers to be unfair or improper, such as using Facebook and Twitter and other social networking sites to contact debtors, as well as contacting debtors at unreasonable times, or at inappropriate locations, for example when they are a patient in hospital.
Bank assumed responsibility for the distribution of the VP Trust assets, which comprised most of the remaining assets of VP Debtors.
The whole process of debt enforcement is in my opinion absolutely ridiculous and flawed in Bahrain and needs to be reviewed urgently so that debtors have rights and are able to work to earn a wage and repay their debts.
Debtors also owned The Outpost, a convenience store, at a separate location.
Summary: Law outlines conditions for creditor's who wish to seize assets or property from delinquent debtors.
When debtors file for bankruptcy, their assets become property of the estate under the Bankruptcy Code.