creditor(redirected from Loan Creditor)
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(obligor).(l) The party in an obligation that has the right to demand from the other party (the debtor or obligee) the performance or abstention from performance of a certain action. Only persons having legal rights and duties, that is, citizens and legal “persons” (such as corporations), may act as creditors. In the USSR the Soviet socialist state is a specific principal or party in civil law.
In an obligation there can be several creditors (a plurality of creditors). Each of them can demand the execution of a certain part or, in instances stipulated in a contract or in the law, the entirety of an action (for example, when the object of the obligation is indivisible or when there is joint suretyship or a joint tort).
(2) In bookkeeping, a term used to designate a citizen or legal entity toward which a given organization has an indebtedness, as shown on its balance sheet.