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 ?
While In re Smith is certainly a step forward in resolving the dispute of whether a sliver of the stay remains for repeat bankruptcy debtors, bankruptcy courts within the 11th Circuit are still divided.
"In or around July 2017, the Debtors authorized transfers between GreenMind's account, their own personal accounts , and Jacob's personal account[.]
It governs petitions for the liquidation of insolvent juridical and individual debtors. It also governs petitions for the suspension of payments of insolvent individual debtors.
This option is provided by the state for debtors to free themselves of previously unpaid debts after five years or earlier (if 100 % of the debt is paid) and start with a clean slate.
Guardian Loan Co., (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.
Debtors can include objections to the record if the debtor believes that the record is biased and unreliable, and the lender has refused to exclude or to modify it.
The practice of bankruptcy is a recognized specialty, and only experts on this topic can give bankruptcy debtors the technical advice they need.
Asharq Al-Awsat newspaper said its sources claimed more than 5,000 prisoners have case pending in Jeddah, of which 2,800 are in debtors.
Bank National Association, as trustee of an indenture under which LTV had issued $275 million of senior notes, served as a member of the official Committee of Unsecured Creditors and, upon confirmation of the VP Debtors' plan of liquidation, was appointed trustee of VP Buildings Distribution Trust.
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.