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 ?
In September 2003, shortly before the VP Debtors liquidation plan was confirmed, National Union, realizing it had miscalculated its collateral needs, submitted a claim for administrative expense priority with respect to deductible loss reimbursements of amounts which National Union had not yet advanced to claimants on behalf of VP Debtors and which encompassed losses that National Union might never be required to pay.
The creditor is the individual or organisation who is owed money by a debtor.
A deficiency judgment was entered against the Debtors in the amount of $171,800 in May 2010.
The prolonged economic downturn has raised a number of significant issues for consumer debtors in regards to "ride-through" and reaffirmation.
This is a charge in your favour on a property owned by the debtor, rather like a mortgage.
What many debtors fail to realise is the severe and far-reaching effects of bankruptcy, not just for the period of the bankruptcy, but for many years to follow.
Credit availability falls, debtors who repay bear higher interest rates when default rates are higher, debtors may work less because the consequences of job loss or business failure are not as bad, and debtors may file for bankruptcy even when they have not experienced any reduction in consumption.
FFF's PACA trust interest in all of the Debtors assets was an equitable interest held concurrently with the Debtor's legal interest in the same assets.
18) Under this broad view, debtors who are eligible to claim the homestead exemption are automatically deemed to have received the benefits of the exemption unless they indicate a clear intent to abandon the homestead property.
The debtor may seek court approval to extend that deadline for an additional 90 days, which many debtors do.
372) which proclaimed the CPLR's restraining notice procedure, as it then existed, unconstitutional for failing to warn debtors that exempt property cannot be restrained.