debtor
/'detə/
Definition
Noun: A person, organization, or entity that owes money or another specified performance to another party (the creditor). A debtor has a legal obligation to repay a debt or fulfill an obligation.
Usage and Examples
- Basic Usage: The term is used to identify the party in a financial or legal relationship who has received something of value (like money, goods, or services) and is obligated to return or pay for it.
- The debtor failed to make the monthly payment on the loan.
- The company was listed as a debtor in the bankruptcy filing.
- Legal and Financial Contexts: Commonly used in contracts, accounting, bankruptcy proceedings, and general finance.
- The court issued an order protecting the debtor from further collection actions.
- On the balance sheet, amounts owed by debtors are recorded as accounts receivable.
Advanced Usage and Nuances
- Debtor vs. Borrower: While similar, "borrower" specifically implies receiving a loan, whereas "debtor" is a broader legal status arising from any obligation to pay (e.g., from an unpaid invoice, a court judgment, or a loan).
- Joint and Several Debtors: In legal agreements, multiple parties can be jointly responsible for a debt. Each "joint debtor" can be held liable for the full amount.
- As co-signers, they were joint debtors on the mortgage.
Variants and Related Words
- Debt (n.): The sum of money or the obligation that is owed.
- Indebted (adj.): Owing money or gratitude.
- Debtor Nation (n.): A country that owes more to foreign creditors than it is owed by foreign debtors.
Synonyms
- Obligor: A formal, legal term for a person bound by a contract or other obligation.
- Borrower: One who receives something (typically money) with the promise of returning it.
- Mortgagor: A specific type of debtor who pledges property as security for a loan.
Antonyms
- Creditor: The person or institution to whom money is owed.
- Lender: One who gives a loan.
- Payee: The party receiving a payment.
Idioms and Common Phrases
- Debor's prison (historical): A jail for people unable to pay their debts. This practice is largely obsolete.
- In the 19th century, one could be sent to a debtor's prison for unpaid bills.
- To be in someone's debt: To owe someone gratitude or a favor (figurative use).
- After his help, I am forever in his debt. (Note: This idiom uses "debt," not "debtor," but is a closely related common expression.)
Noun
-
a person who owes a creditor; someone who has the obligation of paying a debt
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