{"id":3932,"date":"2017-08-05T18:12:15","date_gmt":"2017-08-05T18:12:15","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=3932"},"modified":"2017-12-22T23:22:48","modified_gmt":"2017-12-22T23:22:48","slug":"debt","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=3932","title":{"rendered":"Debt – liability based on breach of contract or agreement, for the purpose of claiming a fixed sum of money"},"content":{"rendered":"

debt<\/span>:<\/span>
\n<\/span><\/strong>(13c.)<\/span><\/p>\n

1. Liability\u00a0on a claim; a specific sum of money due by agreement or otherwise<\/strong> <the debt amounted to $2,500>.<\/strong> <\/span><\/p>\n

2. The aggregate of all existing claims against a person, entity, or state<\/strong> <the bank denied the loan application after analyzing the applicant’s outstanding debt>.<\/strong> \u00a0<\/span><\/p>\n

3. A nonmonetary thing that one person owes another, such as goods or services<\/strong> <her debt was to supply him with 10 international first class tickets on the airline of his choice>.<\/strong> <\/span><\/p>\n

4. A common-law writ by which a court adjudicates claims involving fixed sums of money<\/strong> <he brought suit in debt>. \u2014 aka (in the sense of 4) writ of debt<\/strong><\/em><\/span>. [1]<\/span><\/p>\n

\u00a0 \u00a0 Excerpt from Benjamin J. Shipman’s\u00a0Handbook of Common-Law Pleading<\/em><\/a>:<\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u201cThe action of debt lies where a party claims the recovery of a debt; that is, a liquidated or certain sum of money due him. The action is based upon contract, but the contract may be implied, either in fact or in law, as well as express; & it may be either a simple contract or a specialty. The most common instances of its use are for debts:<\/span><\/span><\/strong><\/p>\n

a.) Upon unilateral contracts express or implied in fact.<\/span><\/strong><\/span><\/p>\n

b.) Upon quasi-contractual obligations having the force & effect of simple contracts.<\/span><\/strong><\/span><\/p>\n

c.) Upon bonds & covenants under seal.<\/span><\/strong><\/span><\/p>\n

d.) Upon judgments or obligations of record.<\/span><\/strong><\/span><\/p>\n

e.) Upon obligations imposed by statute<\/span>.\u201d<\/strong> [2]<\/span><\/p>\n

creditor<\/span>:
\n<\/span><\/strong>(15c.)<\/span><\/p>\n

1. One to whom a debt is owed; one who gives credit for money or goods.<\/strong> \u2014 aka debtee<\/strong><\/em><\/span>. <\/span><\/p>\n

2.<\/strong> Roman law<\/em>. One to whom any obligation is owed, whether contractual or otherwise.<\/strong> Cf. DEBITOR. <\/span><\/p>\n

3. A person or entity with a definite claim against another, especially a claim that is capable of adjustment & liquidation. <\/span><\/strong><\/p>\n

4.<\/strong> Bankruptcy<\/em>. A person or entity having a claim against the debtor predating the order for relief concerning the debtor.<\/strong><\/span><\/p>\n

credit<\/span>:
\n<\/strong><\/span>vb<\/em>. (17c.)<\/span><\/p>\n

1. To believe<\/strong> <the jury did not credit this testimony>. <\/span><\/p>\n

2. To enter (as an amount) on the credit side of an account<\/strong> <the account was credited with $500>\u201d<\/span><\/p>\n

debitor<\/span>:
\n<\/strong><\/span>n.<\/span><\/em><\/p>\n

1.<\/strong> Roman law<\/em>. Someone who has a legal obligation to someone else.<\/strong> Pl. debitores.\u201d<\/span><\/p>\n

debtor<\/span>:<\/span><\/strong>
\n<\/span>(13c.)<\/span><\/p>\n

1. Someone who owes an obligation to another, especially an obligation to pay money; especially, the person who owes payment or other performance of a secured obligation, whether or not that person owns or has rights in the collateral \u2014 including the seller of accounts, contract rights, or chattel paper. <\/span><\/strong><\/p>\n

2.<\/strong> Bankruptcy<\/em>. A\u00a0petition or against whom an involuntary petition is filed.<\/strong> \u2014 aka bankrupt<\/strong><\/em><\/span>.<\/span><\/p>\n

\u00a0 \u00a0 Excerpt from Douglas G. Baird’s\u00a0Elements of Bankruptcy<\/em><\/a>:<\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u201cSection 101 [of the Bankruptcy Code] also introduces us to the language of modern bankruptcy practice. It tells us, for instance, that the person whom a bankruptcy case concerns is a debtor. A person or a firm in bankruptcy is no longer called a bankrupt. \u00a0Although that word retains some currency among lay people, among bankruptcy lawyers, it sounds old-fashioned & precious.<\/span>\u201d<\/strong> [3]<\/span><\/p>\n

adjustment<\/span>:
\n<\/strong><\/span>n. Roman law. <\/span><\/p>\n

1. The act of adapting or conforming to a particular use; orderly regulation or arrangement.<\/span><\/strong><\/p>\n

2. That which adapts one thing to another or to a particular use. <\/span><\/strong><\/p>\n

3. The act of settling or arranging as a dispute or other difference; SETTLEMENT (3). <\/span><\/strong><\/p>\n

4. An amount added or deducted based on settlement.<\/span><\/strong><\/p>\n

liquidation<\/span>:<\/strong><\/span>
\n<\/span>n. (16c.)<\/span><\/p>\n

1. The act of determining by agreement or by litigation the exact amount of something (as a debt or damages) that before was uncertain. <\/span><\/strong><\/p>\n

2. The act of settling a debt by payment or other satisfaction. <\/span><\/strong><\/p>\n

3. The act or process of converting assets into cash, especially to settle debts.<\/span><\/strong><\/p>\n

\n

References:<\/span><\/strong><\/a><\/span><\/p>\n

[1]: \u00a0 Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0<\/a>by Henry Campbell Black & Editor in Chief Bryan A. Garner; page 768. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]: Benjamin J. Shipman, Handbook of Common-Law Pleading \u00a7 52, at 132 (Henry Winthrop Ballantine ed., 3d ed. 1923)<\/span><\/strong><\/p>\n

[3]:\u00a0Douglas G. Baird’s\u00a0Elements of Bankruptcy 6 (2001)<\/span><\/strong><\/p>\n<\/div>\n

\u00a0<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

debt: (13c.) 1. Liability\u00a0on a claim; a specific sum of money due by agreement or otherwise <the debt amounted to $2,500>. 2. The aggregate of all existing claims against a person, entity, or state <the bank denied the loan application after analyzing the applicant’s outstanding debt>. \u00a0 3. A nonmonetary thing that one person owes … Continue reading Debt – liability based on breach of contract or agreement, for the purpose of claiming a fixed sum of money<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":5696,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3932","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/reunitethestates.org\/index.php?rest_route=\/wp\/v2\/pages\/3932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/reunitethestates.org\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/reunitethestates.org\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/reunitethestates.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/reunitethestates.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3932"}],"version-history":[{"count":6,"href":"https:\/\/reunitethestates.org\/index.php?rest_route=\/wp\/v2\/pages\/3932\/revisions"}],"predecessor-version":[{"id":11359,"href":"https:\/\/reunitethestates.org\/index.php?rest_route=\/wp\/v2\/pages\/3932\/revisions\/11359"}],"up":[{"embeddable":true,"href":"https:\/\/reunitethestates.org\/index.php?rest_route=\/wp\/v2\/pages\/5696"}],"wp:attachment":[{"href":"https:\/\/reunitethestates.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}