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 periodicals archive ?
This result goes beyond the observations among legal scholars because it argues that creditors will choose not to write contracts that will resolve the creditor conflict, even when doing so is costless.
As authorized by the FACT Act, the agencies have expanded the scope of the rules so that the exceptions will apply to all creditors, not just to creditors ordinarily regulated by one of the agencies.
In the event that the Chapter 11 should not succeed, and in the further event that the assets are insufficient to satisfy the secured creditor, the liability for unpaid taxes will fall upon the "responsible parties.
America could use a competent history of bankruptcy law right now because the excesses of the past two decades are about to bring us a new round of debtors seeking refuge from their creditors, some desperate and some manipulative.
And it is calling for creditors to play a fuller part in business rescues.
The model trust requires the plan trustee to suspend payment of benefits upon written notification from a purported creditor that the employer has become insolvent.
We let the process run its course with the Amdura estate, a situation in which we had creditor committee and bank group support.
as representative of the large suppliers creditor group, Mato Brloi?
A trade creditor faces many risks when its customer files for bankruptcy.
Unfortunately, the Bankruptcy Code fails to specifically address the rights and obligations of a trade creditor facing this dilemma, resulting in a tug-of-war created by the debtor's need for continued goods and services and the creditor's need for assurance of payment.
The problem of creditor conduct in a distressed firm--for which policymakers ought to have the distressed firm's economically sensible repositioning as a central goal--has vexed courts for decades.