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creditor definition - legal

n

One to whom money is owed or who gives credit to another. See also debtor.
account creditor
One to whom the balance of an account is owed. See also debtor.
judgment creditor
One who has the legal right to collect a specific sum because of a judgment entered in his or her favor in a civil action. See also levy, writ, and debtor.
secured creditor
A creditor who has been given or pledged collateral to protect against loss if the debtor fails to fully pay the debt owed.
unsecured creditor
A creditor who is not a secured creditor.
creditorÂ’s bill (or suit) definition - legal

n

A proceeding in equity in which a judgment creditor seeks to discover and have delivered to him property that cannot be reached by the process available at law to enforce a judgment.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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