Debtor - Law Dictionary Search Results

Meditatio fug'

Meditatio fug'. A debtor in meditatione fug' (meditating fight) may, by the law of Scotland, be arrested by warrant obtained for that

Passive debt

Passive debt, a debt upon which, by or without agreement between the debtor and creditor, no interest is payable, as distinguished from active debt, i.e., a debt upon which interest is

Mesne process

s. 1, the power of arrest upon mesne process was relaxed, and confined to the case of a debtor about to quit England, and where the amount of the debt was 20l. or upwards; and by the

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on the property conveyed. In a sale coupled with an agreement to reconvey there is no relation of debtor and creditor nor is the price charged upon the property conveyed, but the sale is subject to an

Mutual credit

words 'Mutual Credit' extends the right of set-off to cases where the party receiving the credit is not debtor in praesenti to him who gives the credit

Mutual debts

both sides between two persons.-See SET-OFF; and as to mutual credits, debts, or other mutual dealings between a debtor afterwards becoming bankrupt and a person proving a debt against him, see s.31 of the Bankruptcy Act, 1914,

Novation

Novation, the substitution, with the creditor's consent, of a new debtor for an old one. The cases on novation between a customer and a firm will be found discussed

O. Ni

upon his head O. Ni which denoted oneratur, nisi habeat sufficiente exonerationem, and presently he became the king's debtor, and a debet was set upon his head; where-upon the parties paravaile became debtors to the sheriff or

Obligor

Obligor, he who enters into an obligation or bond; a debtor. It means a person liable to a originator, whether under a contract or otherwise, to pay a financial

Ordinis beneficium

'the benefit of order' means the privilege of a surety by which the creditor must exhaust the principal debtor's property before having recourse against the surety, Black's Law Dictionary, 7th Edn., p. 1126.

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