Legal Definition and Related Resources of Debt

That which is due from one person to another, whether money , goods or services; that which one person is bound to pay or perform for another. Garsson v American Diesel Engine Corp., 39 N.E.2d 566, 310 Mass. 618.

Any sum of money due under contract, express or implied. 20 Cal. 351. Blackstone restricts the term to money due on express contract (3 Bl. Comm. 154), but it has been thought that he used the word express not so much in contradistinction to implied contracts, as to liabilities arising outside of contract. 2 Mo. Apt). 94. The word includes not only debts of record or judgments and debts by specialty, but all that is due to a man under any form of promise. 3 Mete. (Mass.) 526. In a strict sense, it is confined to sums fixed by agreement, and not dependent on after calculation (1 Yeates [Pa.] 70), but in common use, the absolute fixing of the amount is not necessary (2 Wash. C. C. [U.S.I 386). Debt is a much narrower word than demand. 2 Hill (N. Y.) 223. Many qualifying terms are used with the word debt, most of which are self-explanatory. A few of the more obscure may be given :
(1) Active debt is one due to a person. Used in the civil law.
(2) Doubtful debt is one of which the payment is uncertain. Clef des Lois Romaines.
(3) Hypothecary debt is one which is a lien upon an estate.
(4) Judgment debt is one which is evidenced by matter of record.
(5) Liquid debt is one which is immediately and unconditionally due..
(6) Passive debt is one which a person owes.
(7) Privileged debt is one which is to be paid before ethers, in case a debtor is insolvent.
(8) Debt of record is one proved to exist by the official records of a court of record, as a judgment or a recognizance. In Practice. A form of action which lies to recover a sum certain. 2 Greenl. Ev. § 279. It lies wherever the sum due is certain or ascertained in such a manner as to be readily reduced to a certainty, without regard to the manner in which the obligation was incurred or is evidenced. 3 Sneed (Tenn.) 145; 1 Dutch. (N. J.) 606; 26 Miss. 521; 3 McLean (U.S.) 150; 2 A. K. Marsh. (Ky.) 264; 1 Mason (U.S.) 243. It is thus distinguished from assumpsit, which lies as well where the sum due is uncertain as where it is certain, and from covenant, which lies only upon contracts evidenced in a certain manner. It is said to lie in the debet and detinet, when it is stated that the defendant owes and detains, or in the detinet, when it is stated merely that he detains. Debt in the detinet for goods differs from detinue, because it is not essential in this action, as in detinue, that the specific property in the goods, should have been vested in the plaintiff at the time the action is brought. Dyer, 24b. It is used for the recovery of a debt eo nomine and in numero, though damages, which are in most instances merely nominal, are usually awarded for the detention. 1 H. Bl. 550; Cowp. 588.

Money borrowed.

noun

• account owing
• account outstanding
• aes alienum
• amount due
• amount owing
• arrearage
• arrears
• balance owed
• balance to pay
• bill
• debit
• deferred payment
• deficit
• encumbrance
• indebtedness
• liability
• money due
• money owed
• nonpayment
• obligation
• sum owed
• Associated Concepts: action for debt
• admission of debt
• antecedent debt
• bad debt
• bad debt loss
• bona fide debt
• bonded debt
• book debt
• business debt
• common debt
• contingent debt
• continuing debt
• contract debts
• corporate debt
• creating a debt
• creation of a debt
• debt against estate
• debt arising on contract
• debt by contract
• debt by loan
• debt discharged
• debt due
• debt founded on contract
• debt incurred
• debt instruments
• debt not yet due
• debt of another
• debt of bankrupt
• debt of municipality
• debt of record
• debt owed
• debt provable in bankruptcy
• debt which is to become due
• debtor and creditor
• debts of deceased
• dischargeable debt
• equitable debt
• evidence of debt
• evidence of indebtedness
• existing debt
• fiduciary debt
• fixed debt
• floating debt
• fraudulent debt
• funded debt
• holder of debt
• imprisonment for debt
• inability to pay debts as they mature
• just debt
• liquidated debt
• moral debt
• mutual debts
• nonpayment of debt
• partnership debt
• pecuniary debt
• preexisting debt
• promise to pay
• provable debt
• public debt
• public debt limitations
• recovery of debt
• secured debt
• simple debt
• situs of indebtedness
• unsecured debt
• worthless debt FOREIGN PHRASES: Debita sequuntur personam debitoris
• Debts follow the person of the debtor
• Debitor non praesumiturdonare
• A debtor is not presumed to make debts
• Reprobata pecunia liberat solventem
• Money refused releases the debtor
• Money refused releases the debtor
• Nemo potest si bi debere
• No one can be indebted to himself
• Incendium aere alieno non exuit debitorem
• A fire does not discharge a debtor from his debt
• Id solum nostrum quod debitis deductis nostrum est
• That only is ours which remains to us after deduction of our debts
• Chirographum non extans praesumitur solutum
• partnership debt
• pecuniary debt
• preexisting debt
• promise to pay
• provable debt
• public debt
• public debt limitations
• recovery of debt
• secured debt
• simple debt
• situs of indebtedness
• unliquidated debt
• unsecured debt
• worthless debt FOREIGN PHRASES: Debita sequuntur personam debitoris
• Debts follow the person of the debtor
• Debitor non praesumiturdonare
• A debtor is not presumed to make debts
• Reprobata pecunia liberat solventem
• Money refused releases the debtor
• Nemo potest si bi debere
• No one can be indebted to himself
• Incendium aere alieno non exuit debitorem
• A fire does not discharge a debtor from his debt
• Id solum nostrum quod debitis deductis nostrum est
• That only is ours which remains to us after deduction of our debts
• Chirographum non extans praesumitur solutum
• An evidence of debt not existing is presumed to have been paid
• Chirographum apud debitorem repertumpraesumitur solutum
• An evidence of debt found in the debtor’s hands is presumed to be paid
• Annua nec debitum judex non separat ipsum
• A judge does not divide annuities nor debt
• In satisfactionibus non permittitur amplius fieri quam semel factum est
• In settlements more must not be received than was received once for all
• Minus solvit
• qui tardius solvit; nam et tempore minus solvitur
• He does not pay who pays too late; for
• from the lapse of time
• he is judged not to pay
• In omnibus obligationibus in quibus dies non ponitur
• praesenti die debetur
• In all obligations in which no time is fixed for their fulfillment
• the obligation is due immediately

Browse or run a search for Debt in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Debt in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Debt in Historical Law in the Encyclopedia of Law.

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This definition of Debt is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

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Debt in the Dictionary of Law consisting of Judicial Definitions and Explanations of Words, Phrases and Maxims

Whatever one owes. Rodman v. Munson, 13 Barb. 197 (1852). See Debet. A sum of money due by certain and express agreement. 3 Bl. Com. 154.

Note: This legal definition of Debt in the Dictionary of Law (English and American Jurisprudence) is from 1893.

Debt in Law Enforcement

Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of debt.

Resources

Legal English Vocabulary: Debt in Spanish

Online translation of the English legal term debt into Spanish: deuda (English to Spanish translation) . More about legal dictionary from english to spanish online.

Related to the Legal Thesaurus

Resources

See Also

• Law Enforcement Officer
• Policeman
• Law Enforcement Agency

Further Reading

• debt in A Dictionary of Law Enforcement (Oxford University Press)
• debt in the Encyclopedia of Law Enforcement
• A Treatise on the Police of the Metropolis

English Legal System: Debt

In the context of the English law, A Dictionary of Law provides the following legal concept of Debt :

1. A sum of money owed by one person or group to another.

2. The obligation to pay a sum of money owed.

Debt in the Economic Activity

An introductory concept of Debt may be: capital, such as bonds and bank loans, supplied to a firm by lenders; the firm promises to repay the amount borrowed with interest

Bad Debt Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Bad Debt in a way that is easy for anybody to understand: All or portion of an ACCOUNT, loan, or note receivable considered to be uncollectible.

Debt Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Debt in a way that is easy for anybody to understand: General name for money, notes, BONDS, goods or services which represent amounts owed.

Concept of Debt in the context of Real Property

A short definition of Debt: Money owing from one person to another.

Concept of Debt in the context of Real Property

A short definition of Debt: Money owing from one person to another.

Debt

Debt

Resources

See Also

• Taxation
• Public Finance
• Public Policy
• Tax Law
• Financial Regulation

Hierarchical Display of Debt

Law > Civil law > Civil law > Law of obligations

Meaning of Debt

Overview and more information about Debt

For a more comprehensive understanding of Debt, see in the general part of the online platform.[rtbs name=”xxx-xxx”]

Resources

Translation of Debt

• Spanish: Deuda
• French: Dette
• German: Geldschuld
• Italian: Debito
• Portuguese: Dívida
• Polish: Wierzytelno&sacute;&cacute;

Thesaurus of Debt

Law > Civil law > Civil law > Law of obligations > Debt

See also

• Indebtedness
• Public debt
• Public borrowing
• Treasury bill
• Redemption of public debt
• Rescheduling of public debt
• External debt
• Debt reduction
• Civil bankruptcy