who is a debtor
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- Answer / saif. A debtor/Accounts receivable is a person who owes to money to the business as he has received some benefit from the business. A Creditor/Accounts Payable is a person to whome the business owes money as he has given some benefit to the business.
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creditor Definition of creditor: A party to whom money is owed. Common classifications of a creditor include (1) Secured: who has a legal right to take a specific property of the borrower and sell it in case of a default. (2) Unsecured: who does not have any such right. (3) Preferential or senior: who takes precedence over other creditors in laying claim to a bankrupt borrower's
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Bailor Law and Legal Definition A bailor is a person who transfers possession of property or goods to the custody of another (bailee), usually under a contract of bailment. A bailment is an act of transferring/placing property or USLegal Home
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Court judgments for debt: Your options after the gavel In a debt collection case, the judgment is a court's decision that you owe a specific sum of money. Armed with the judgment, the holder of the debt, called a judgment creditor, can take legal steps to seize the amount.
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Consumers Should Understand Debt Buying When a debt buyer buys debt from your creditor, the creditor removes that debt from its books. However, you now owe money to the debt buyer, and the debt buyer can bring an action against you to get that money.
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What is an 'Obligor' What is an 'Obligor'. An obligor, also known as a debtor, is a person or entity who is legally or contractually obliged to provide a benefit or payment to another. In a financial context, the term obligor refers to a bond issuer who is contractually bound to make all principal repayments and interest payments on outstanding debt. The recipient of the benefit or payment is known as the obligee.
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mortgage The party who borrows the money and gives the mortgage (the debtor) is the mortgagor; the party who pays the money and receives the mortgage (the lender) is the mortgagee. Under early English and U.S. law, the mortgage was treated as a complete transfer of title from the borrower to the lender.
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- Definition of creditor: A party to whom money is owed. Common classifications of a creditor include (1) Secured: who has a legal right to take a specific property of the borrower and sell it in case of a default. (2) ...
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Definition of sundry debtor Definition of sundry debtor. A person or organization that owes money to a company for something other than goods or services that have been sold to them, for example money that the company has lent them. Print. Add Term to Watchlist.
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debtor Debtor. 1  Borrower of money. 2  A person, company, or other organization that owes money to another individual, company, or organization. Generally speaking, a debtor acquires debt for a specific purpose, such as to fund a college education or to purchase a house. 3  An individual or organization that owes a debt or has an obligation to another party.
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debt Definition of debt. 1  1 : sin, trespass Forgive us our debts. 2  2 : something owed : obligation unable to pay off his debts owe them a debt of gratitude a criminal's debt to society. 3  3 : a state of being under obligation to pay or repay someone or something in return for something received : a state of owing deeply in debt to creditors.
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How to Fry Chicken The two main keys to making perfect fried chicken are the temperature of the oil and the actual step of frying. Choose oils with a high smoke point: vegetable shortening, lard, and peanut oil are all good choices. 1  To get truly golden-brown and crispy chicken, use a cast iron skillet.2  You can’t beat cast iron for even heat distribution and reliable frying.efore You Fry. There are as many “secret recipes” for fried chicken as there are cooks doing the frying. Some swear by soaking the chicken overnight in buttermilk. Others give their chicken a soak in brine, a dunk in beer batter, and a light coating of seasoned flour–or a roll in breadcrumbs or crushed saltines.
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Dementor A Dementor is a gliding, wraith-like dark creature, widely considered to be one of the foulest to inhabit the world. Dementors feed on human happiness and thus generate feelings of depression and despair in any person in close proximity to them.
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What is a 'Debtor' What is a 'Debtor'. A debtor is a company or individual who owes money. If the debt is in the form of a loan from a financial institution, the debtor is referred to as a borrower, and if the debt is in the form of securities, such as bonds, the debtor is referred to as an issuer. Legally, someone who files a voluntary petition to declare bankruptcy is also considered a debtor.
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- These 10 facts about space will blow your mind. A guarantor is a person or company that guarantees that a loan or other type of debt will be paid. Usually, this person or company agrees to pay another person's debt or perform that person's duty if he or she should fail to do so himself or herself. The term is most commonly used in reference to financial assistance.
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Basic Trust Law A: The grantor (also known as trustor, settlor, or creator) is the creator of the trust relationship and is generally the owner of the assets initially contributed to the trust.
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Financial Literacy Terms Debt. A debt is an obligation to repay an amount you owe. Debt securities, such as bonds or commercial paper, are forms of debt that bind the issuer, such as a corporation, bank, or government, to repay the security holder. Debts are also known as liabilities.
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SUNDRY DEBTORS SUNDRY DEBTORS. When a business firm supplies the goods or provides the services to its customer on credit basis then those customers are called as sundry debtors. These customers are supposed to pay the outstanding amount on a particular date. They are also referred to as accounts receivable or trade debtors.
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What do payee & payer mean? Answer Wiki. The payer (sometimes spelled payor) is the person who pays the payment (money usually but could be any form of 'consideration'). The payee is the person to whom the payment is made (in other words, the person who receives the payment). In other words, the payer makes a payment out to the payee, who then receives the payment.
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- Debtors usually file Chapter 7 bankruptcy cases in order to obtain a “discharge.” This is. a bankruptcy court order that eliminates the debtor’s personal liability for most debts. A. reaffirmation in bankruptcy is a voluntary agreement between a chapter 7 debtor and a. creditor which basically provides that the debtor’s debts to that creditor will not be. discharged.
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How it works The payor of support – or debtor – is the person who pays child, spousal or partner support. 1  As the payor of support, you must do all of these: 2  make all payments to MEP on time according to the court order. 3  inform us of any anticipated payment problems such as late payments.
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creditor bringing honour or respect. creditable effort. a person to whom a debt is owed. the list of names of the actors, producer, director etc given at the beginning or end of a film. a card which allows the holder to buy goods etc on credit. to pay by credit card. to bring honour or respect to (someone or something).
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Legal Terms Glossary Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt.
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Definition of Credit Definition of Creditor. The party, which offers the credit, is defined as the creditor or the lender. Definition of Debtor. The party, which obtains the credit, is defined as the debtor or the borrower.he party, which offers the credit, is defined as the creditor or the lender. Definition of Debtor. The party, which obtains the credit, is defined as the debtor or the borrower.
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debt Definition. A duty or obligation to pay money, deliver goods, or render service under an express or implied agreement. One who owes, is a debtor or debitor; one to whom it is owed, is a debtee, creditor, or lender. Use of debt in an organization's financial structure creates financial leverage that can multiply yield on investment provided returns generated by debt exceed its cost.
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- What is a 'Lessor'. A lessor, in its simplest expression, is someone who grants a lease. As such, a lessor is the owner of an asset that is leased under an agreement to a lessee. The lessee makes a one-time or periodic payments to the lessor in return for the use of the asset. Leveraged Lease.