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debtor and creditor |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.01 sec. |
debtor and creditorRespectively, a person who owes a debt and a person to whom the debt is owed. Usually the debtor has received something from the creditor, in return for which the debtor has promised to make repayment at a later time. If the debtor fails to repay by the deadline, a formal collection process may commence. It is sometimes possible to attach the debtor's property, wages, or bank account as a means of forcing payment. Imprisonment of the debtor is a practice no longer followed. See also garnishment, lien. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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