In Deuteronomy this law is not repeated, but a fixed seven years' period is ordained for the benefit of poor debtors, apparently in the sense that in the seventh year no interest is to be exacted by the creditor from a Hebrew, or that no proceedings are to be taken against the debtor in that year (Deut.
Or, when one person is compelled by law to discharge the legal liabilities of another, he becomes the creditor of the person for the money so paid.
It is the duty of a debtor to pay a debt without waiting for any demand, and, unless there is a place fixed on either by custom or agreement, he must seek out his creditor for the purpose of paying him unless he is "beyond the seas."
Payment by a third person to the creditor is no discharge of a debt, as a general rule, unless the debtor subsequently ratifies the payment.
When a debtor tenders the amount due to his creditor and the creditor refuses to accept, the debt is not discharged, but if the debtor is subsequently sued for the debt and continues willing and ready to pay, and pays the amount tendered into court, he can recover his costs in the action.
A creditor is not bound to give change to the debtor, whose duty it is to make tender in lawful money the whole amount due, or more, without asking for change.
(See PAYMENT.) A debtor takes the risk if he makes payment through the post, unless the creditor has requested or authorized that mode of VII.
Where the debt does not exceed £ioo the simplest procedure for its recovery is that of the county court, but if the debt exceeds £ioo the creditor must proceed in the high court, unless the cause of action has arisen within the jurisdiction of certain inferior courts, such as the mayor's court of London, the Liverpool court of passage, &c. When judgment has been obtained it may be enforced either by process (under certain conditions) against the person of the debtor, by an execution against the debtor's property, or, with the assistance of the court, by attaching any debt owed to the debtor by a third person.
Where a debtor has committed any act of bankruptcy a creditor or creditors whose aggregate claims are not less than £50 may proceed against him in bankruptcy.
Where the debtor is a company or corporation registered under the companies acts, the creditor may petition to have it wound up. (See COMPANY.) Imprisonment for debt, the evils of which have been so graphically described by Dickens, was abolished in England by the Debtors Act 1869, except in cases of default of payment of penalties, default by trustees or solicitors and certain other cases.
If a debtor had neither money nor crop, the creditor must not refuse goods.
Distraint on a debtor's corn was forbidden by the Code; not only must the creditor give it back, but his illegal action forfeited his claim altogether.
The creditor could only hold a wife or child three years as mancipium.
The debtor could also pledge his property, and in contracts often pledged a field, house or crop. The Code enacted, however, that the debtor should always take the crop himself and pay the creditor from it.
An isolated use of the word " catholic " as a secular legal term survives in Scots law; a catholic creditor is one whose debt is secured over several or over all of the subjects belonging to the debtor.
A creditor could hold his insolvent debtor as a slave, or sell him out of the city (trans Tiberim).
The creditor may demand the arazi-memuru to proceed to a forced sale, but the arazi-memuru is not obliged to comply with that demand; no forced sale may take place after the decease of the debtor.
In 495 he was consul, and his cruel enforcement of the laws of debtor and creditor, in opposition to his milder colleague, P. Servilius Priscus, was one of the chief causes of the "secession" of the plebs to the Sacred Mount.
He was now enabled to carry a philanthropic measure, of which from his first entry into the House of Lords he had been a great promoter, namely, the Debtor and Creditor Bill for relief of poor debtors.
The debtor and creditor account of the state from 1864 to 1875 showed receipts amounting to 148,215,000.
The creditor has the right of claiming the aid of the law against the defaulting municipality; and the amounts, the terms, and the time of duration of local debt are supervised in order to prevent injustice to particular persons or improvidence with regard to the revenue and property of the local units.
This measure alone would, however, have been of little service had he not at the same time enacted that henceforth no loans could be made on the bodily security of the debtor, and the creditor was confined to a share of the property.
Obligatio was used to denote either end of the legal chain that bound the parties, the right of the party who could compel fulfilment of the obligatio, the creditor, or the duty of the party who could be compelled to fulfilment, the debitor.
Creditor and debtor have also lost their Roman law signification; they have been narrowed to mean the parties where the obligation is the payment of a sum of money.
American law is in general agreement with English, except in the case of Louisiana, where the terms obligor and obligee are used in as wide a sense as the debitor and creditor of Roman law.
3522 of the Louisiana civil code obligor or debtor means the person who has engaged to perform some obligation, obligee or creditor the person in favour of whom some obligation is contracted, whether such obligation be to pay money or to do or not to do something.