Debtor Definition:

A person who owes money, goods or services to another, the latter being referred to as the creditor.

Related Terms: Debt, Creditor, Bankrupt

A person who, owing a debt to another (i.e. creditor), may be required through judgment and enforcement proceedings, to pay it, or have the debt paid from the liquidation of his assets.

In the middle ages of the common law, in England, debtors were jailed until they paid their debt.

More than one person can be debtor for the same amount. See, for example, joint and several liability.

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