debtor

One who owes a debt to another who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. First Nat. Bank & Trust Co. in Macon v. Kunes, 128 Ga.App. 565, 197 S.E.2d 446, 449.

"Debtor" means "the person who owes payment or other performance of the obligation secured, whether or not he owns or has rights in the collateral, and includes the seller of accounts or chattel paper. Where the debtor and the owner of the collateral are not the same person, the term 'debtor' means the owner of the collateral in any provision of the Article dealing with the collateral, the obligor in any provision dealing with the obligation, and may include both where the context so requires." U.C.C. No. 9-105(l)(d).

In bankruptcy law, person who files a voluntary petition or person against whom an involuntary petition is filed. Person or municipality concerning which a bankruptcy case has been commenced. Bankruptcy Code, No. 101.

See bankruptcy.

See also absconding debtor

- joint debtors

@ judgment debtor

One who owes money as a result of a judgment in favor of a creditor

+ judgment debtor

A person against whom judgment has been recovered, and which remains unsatisfied. The term has been construed to include a judgment debtor's successors in interest

Compare judgment creditor

See also attachment

- execution (writ of execution)

- judgment lien

@ debtor in possession

In bankruptcy, refers to debtor in a Bankruptcy Code Chapter 11 or Chapter 12 case. For example, in a Chapter 11 case either the debtor will remain in control of its business or assets or a trustee will be appointed to take control of the business or assets

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