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debtor definition - legal

n

One who owes a fixed sum of money to another; a person or entity filing, or becoming the subject of, a bankruptcy action.
debtor-in-possession
A debtor allowed by the bankruptcy court to continue operation of the business during the proceedings.
joint debtors
Two or more persons both liable for the same debt.
judgment debtor
One who owes a sum of money to another by virtue of a judgment that has previously been rendered.

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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