creditor


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creditor

a person or commercial enterprise to whom money is owed

Creditor

 

(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.

References in classic literature ?
"WORTHY OF IMITATION.--A distinguished gentleman of this city, H H , Esquire, having been compelled to SUSPEND, in consequence of the late robbery of the Bank of the United States by the cold-blooded miscreant whose hoary head disgraces the White House, felt himself bound to return an article of dress, purchased as recently as yesterday by his lovely daughter, and who, in every respect, was entitled to wear it, as she would have adorned it, receiving back the price, with a view to put it in the fund he is already collecting to meet the demands of his creditors. It is due to the very respectable firm of Bobbinet & Co.
The reputation of the affair of the pocket-handkerchief was of great service, and creditors relented as they thought of the hardship of depriving a pretty girl of so valuable an appliance.
Her husband had been a captain of a merchant ship, and having had the misfortune to be cast away coming home on a voyage from the West Indies, which would have been very profitable if he had come safe, was so reduced by the loss, that though he had saved his life then, it broke his heart, and killed him afterwards; and his widow, being pursued by the creditors, was forced to take shelter in the Mint.
He tried his new uniform, which became him very handsomely, on the day when the first meeting of the creditors of the unfortunate gentleman took place.
"I shall go to the City now, and I shall ask all our creditors to meet me to-morrow.
'Out?' said the turnkey, 'he'll never get out, unless his creditors take him by the shoulders and shove him out.'
We are quiet here; we don't get badgered here; there's no knocker here, sir, to be hammered at by creditors and bring a man's heart into his mouth.
second, the creditor decides whether to act on any breaches that are
When a creditor is notified that a debtor has filed for bankruptcy, the creditor should be careful to determine whether it needs to file a Proof of Claim in the case to preserve its rights to receive payments from the bankrupt estate.
When a business customer fails to pay on his or her debts, the business--the creditor, has several available remedies to collect the debt from the customer--the debtor.
This is certainly not the situation the trade creditor envisioned when it originally entered into its supply agreement.