Admin

Legal Forums arrow Legal Dictionary

DEBTOR

Legal Term: DEBTOR
Definition: contracts. One who owes a debt, he who may be constrained to pay what he owes. 2. A debtor is bound to pay his debt personally, and all the estate he possesses or may acquire, is also liable for his debt. 3. Debtors are joint or several, joint, when they all equally owe the debt in solido, in this case if a suit should be necessary to recover the debt, all the debtors must be sued together or, when some are dead, the survivors must be sued, but each is bound for the whole debt, having a right to contribution from the others, they are several, when each promises severally to pay the whole debt, and obligations are generall binding on both or all debtors jointly and severally. When they are severally bound each may be sued separately, and on the payment of debt by one, the others will be bound to contribution, where all had participated in the money or property, which was the cause of the debt. 4. Debtors are also principal and surety, the principal debtor is bound as between him and his surety to pay the whole debt. and if the surety pay it, he will be entitled to recover against the principal. Vide Bouv. Inst. Index, h. t., Vin. Ab. Creditor and Debtor, Id. Debt, 8 Com. Dig. 288, Dig. 50, 16, 108 Id. 50, 16, 178, 3, Toull. liv. 2, n. 250.



***All definitions are taken from the 1856 Edition of Bouviers Law Dictionary

LegalNut Resources

Attorney jobs listings and sites with attorney salary information, attorney job search functions, and salaries by law firm.

Law school rankings show how competitive your lsat scores would be at top law schools in the US.

Law school admissions advice is available both at the LSAT forum and throughout the pre-law section, including LSAT prep options, law school personal statement help, LSAT score distributions and law school bar exam pass rates.

Copyright © 2006 - 2008 Rochester Ideas, LLC. All rights reserved. Our site is valid CSS Our site is valid XHTML 1.0 Transitional