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.
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.
If a debtor had neither money nor crop, the creditor must not refuse goods.
If the debtor did not cultivate the field himself he had to pay for the cultivation, but if the cultivation was already finished he must harvest it himself and pay his debt from the crop. If the cultivator did not get a crop this would not cancel his contract.
A creditor could hold his insolvent debtor as a slave, or sell him out of the city (trans Tiberim).
The Poetelian law (326 B.C.) restricted the creditor's lien (by virtue of a nexum) to the goods of his debtor, and enacted that for the future no debtor should be put in chains; but we hear of debtors addicti to their creditors by the tribunals long after - even in the time of the Punic Wars.
The insolvent debtor was withdrawn from the yoke of his creditor.
In principle it was even held to be the debtor for the amount; hence the inhabitants were jointly responsible, a state of affairs which was not suppressed till the time of Turgot, and even then not completely.
The second was called for by the preference which the common law gave to a distant collateral over the brother of the half-blood of the first purchaser; the fourth conferred an indefeasible title on adverse possession for twenty years (a term shortened by Lord Cairns in 1875 to twelve years); the fifth reduced the number of witnesses required by law to attest wills, and removed the vexatious distinction which existed in this respect between freeholds and copyholds; the last freed an innocent debtor from imprisonment only before final judgment (or on what was termed mesne process), but the principle stated by Campbell that only fraudulent debtors should be imprisoned was ultimately given effect to for England and Wales in 1869.1 In one of his most cherished objects, however, that of Land Registration, which formed the theme of his maiden speech in parliament, Campbell was doomed to disappointment.
He settled in Philadelphia as a lawyer, and in February 1780 he published in Philadelphia a series of essays on finance, in which he criticized the issue of legal-tenders, denounced laws passed for the benefit of the debtor class, and urged the people to tax themselves for the common good.
The struggle which the frontier settlers of Pennsylvania had made in the state legislature to secure unlimited issues of paper money and the enactment of laws favourable to the debtor class prejudiced him against the West, and he tried to introduce into the constitution a clause guaranteeing forever the political supremacy of the states east of the Alleghanies.
The means of carrying on the war were obtained by the State becoming the debtor of the Austro-Hungarian Bank, in so far as credit was concerned.
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.
After nearly all the forty-six banks chartered by the legislature in 1818 had been wrecked in the financial panic of 1819, the legislature in 1820 passed a series of laws designed for the benefit of the debtor class, among them one making state bank notes a legal tender for all debts.
The only qualification admitted under the new convention is that it shall not apply when the debtor-state refuses or leaves unanswered an offer of arbitration, or in case of acceptance renders the settlement of the terms of arbitration impossible, or, after arbitration, fails to comply with the award.
Pennsylvania has no homestead law, but the property of a debtor amounting to $300 in value, exclusive of the wearing apparel of himself and family and of all Bibles and school-books in use, is exempt from levy and sale on execution or by distress for rent; and the exemption extends to the widow and children unless there is a lien on the property for purchase money.
If the debtor broke his oath, he became liable to the discipline of the Church.
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 balance of trade is always against India, because she is a debtor country, and has to pay interest on borrowed capital, and the " home charges " for the upkeep of the civil and military services and of the secretary of state's establishment in London.
The debtor was obliged to pay the amount of the debt to any person who presented the missing half of the bill.
"The judges," says Ross, "could not award interest for the money; that would have been contrary to law, a moral evil, and an oppression of the debtor; but, upon the idea of damages and the failure of the debtor in performance, they unmercifully decreed for double the sum borrowed."
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.
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.
It was formerly the custom in our village, when a poor debtor came out of jail, for his acquaintances to salute him, looking through their fingers, which were crossed to represent the grating of a jail window, "How do ye do?"