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.
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.
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 obligation, however, remains, though imperfect, for if there be a subsequent acknowledgment by the debtor, the debt revives, and the imperfect obligation becomes again perfect.
The debtor claims the exemption where the levy is made, but if the sheriff deems the homestead greater in value than the law allows, he may choose three disinterested persons to appraise it and sell any portion that may be adjudged in excess of the legal limit.
For this amount the guilty person, and in his default his kindred, became legally debtor, and the injured person or family became entitled to recover the amount like a civil debt by distraint, if not paid voluntarily.
A person having a liquidated claim might either sue a debtor or proceed at his peril to seize without this preliminary.
The following technical terms will indicate the procedure in distress with time: Aurfocre (= demand of payment, stating the amount in presence of witnesses); apad (= delay); athgabail (= the actual seizure); anad (= delay after seizure, the thing remaining in the debtor's possession); toxal (= the taking away of the thing seized); fast (= notice to the debtor of the amount due, the or pound in which the thing seized is impounded, and the name of the law agent); dithim (= delay during which the thing is in pound); lobad (= destruction or forfeiture of the debtor's ownership and substitution of the creditor's ownership).
The property in the thing seized, to the amount of the debt and expenses, became legally transferred from the debtor to the creditor, not all at once but in stages fixed by law.
A creditor was not at liberty to seize household goods, farming utensils, or any goods the loss of which would prevent the debtor recovering from embarrassment, so long as there was other property which could be seized.
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.
Personal guarantees were often given that the debtor would repay or the guarantor become liable himself.
Freemen, through indigence, sometimes sold themselves, and at Athens, up to the time of Solon, an insolvent debtor became the slave of his creditor.
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.
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 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.
If the debtor broke his oath, he became liable to the discipline of the Church.
The subsequent process, the warrant directing a messenger-at-arms to charge the debtor to pay or perform in terms of the letters, was called "letters of horning."
A " trade balance-sheet " for 1906 drawn up for the Cape Town chamber of commerce by its president showed, however, a debtor account of £18,751,000 compared with a credit account of £17,931,000, figures representing with fair accuracy the then economic condition of the country.
When a large debt was clearly due, and there was no property to seize, the debtor himself could be seized and compelled to work as a prisoner or slave until the debt was 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.
In the United States imprisonment for debt was universal under the common law, but it has been abolished in every state, except in certain cases, as where there is any suspicion of fraud or where the debtor has an intention of removing out of the state to avoid his debts.
In commercial matters, payment in kind was still common, though the contracts usually stipulate for cash, naming the standard expected, that of Babylon, Larsa, Assyria, Carchemish, &c. The Code enacted, however, that a debtor must be allowed to pay in produce according to statutory scale.
The debtor being seized for debt could nominate as mancipium or hostage to work off the debt, his wife, a child, or slave.
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.
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.
The homestead exempt from sale under seizure is limited to the house and lot, not exceeding $1000 in value, of a debtor having a family.
Great opposition was raised by the representatives of the debtor class in congress to the suppression of the inconvertible paper money, but in the end President Montt carried the day, and on the 11th of February 1895 a measure finally became law establishing a gold currency as the only legal tender in Chile.
"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.
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.
The exemption may be claimed by either the husband or the wife, but may not be granted if each owns a home stead; and it does not extend to judgments rendered against the debtor on account of a mortgage, non-payment of the purchase money or supplies and labour for building and repairs.
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 and creditor account of the state from 1864 to 1875 showed receipts amounting to 148,215,000.
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.
There is no homestead exemption law and exemptions from levy for the satisfaction of debts extend only to $loo worth of property, besides wearing apparel and books and tools used by the debtor in his profession or trade, and to all money payable in the nature of insurance.
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.