What is CREDITOR? Definition of CREDITOR in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
A person to whom a debt is owing by another person who is the "debtor." Woolverton v. Taylor Co., 43 Ill.App. 424; Insurance Co. v. Meeker, 37 N.J.Law. 300; Walsh v. Miller, 51 Ohio St. 462, 38 N.E. 381; Rooney v. Inheritance Tax Commission of Kansas, 143 Kan. 143, 53 P.2d 500, 501. One who has a right to require the fulfillment of an obligation or contract. Mohr v. Minnesota Elevator Co., 40 Minn. 343, 41 N.W. 1074; Murphy v. Jos. Hollander, Inc., 131 N.J.L. 165, 34 A.2d 780, 783; one to whom money is due, and, in ordinary acceptation, has reference to financial or business transactions. State v. Ord State Bank, 117 Neb. 189, 220 N.W. 265, 266; The antonym of "debtor." Erickson v. Grande Ronde Lumber Co., 162 Or. 556, 92 P.2d 170, 177; The word is susceptible of latitudinous construction. Commerce Trust Co. v. Farmers' Exchange Bank of Gallatin, 332 Mo. 979, 61 S.W.2d 928, 89 A.L.R. 373.
The foregoing is the strict legal sense of the term; but in a wider sense it means one who has a legal right to demand and recover from another a sum of money on any account whatever, and hence may include the owner of any right of action against another, whether arising on contract or for a tort, a penalty, or a forfeiture. Bongard v. Block, 81 Ill. 186, 25 Am.Rep. 276; one having a claim for tort, Chalmers v. Sheehy, 132 Cal. 459, 64 P. 709, 84 Am.St. Rep. 62; an antenuptial agreement as constituting wife a "creditor" of husband's estate. In re Wilson's Estate, 346 Pa. 562, 31 A.2d 106, 108; parties claiming as trust funds deposits in insolvent bank, Dewey v. Commercial State Bank, 141 Kan. 356, 41 P.2d 1006, 1007.
The term "creditor," within the common-law and statutes that conveyances with intent to defraud creditors shall be void, includes every one having right to require the performance of any legal obligation, contract, or guaranty, or a legal right to damages growing out of contract or tort, Hernton v. Short, 121 Ark. 383, 181 S.W. 142, 144; and includes not merely the holder of a fixed and certain present debt, but every one having a right to require the performance of any legal obligation, contract, or guaranty, or a legal right to damages growing out of contract or tort, and includes one entitled to damages for breach of contract to convey real estate, notwithstanding the abandonment of his action for specific performance, In re Littleton's Estate, 223 N.Y.S. 470, 479, 129 Misc.Rep. 845; Mackenzie Oil Co. v. Omar Oil & Gas Co., 14 Del.Ch. 36, 120 A. 852, 854; holders of judgment for conversion, Bays v. Brown, 160 Or. 594, 86 P.2d 951, 954; a "person having any claim, whether matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent." Richards v. Jones, 16 Del.Ch. 227, 142 A. 832, 833. Those having a cause of action for damages for wrongful death. Evers v. Evers, 146 Neb. 104, 18 N.W.2d 673, 678; in its broad sense the word "creditor" means one who has any legal liability upon a contract, express or implied, or in tort; in its narrow sense, the term is limited to one who holds a demand which is certain and liquidated. Superior Plating Works v. Art Metal Crafts Co., 218 Ill. App. 148, 150.
Plaintiff, in action to recover damages for a tort committed against him, is a "creditor" of defendant, within meaning of that term as it is employed in Shannon's Code, § 3143, denouncing conveyances and transfers of property collusively made with intent to delay, hinder, or defraud creditors. Oliphant v. Moore, 155 Tenn, 359, 293 S. W. 541, 542.
In statutes the term has various special meanings, dependent upon context, purpose of statute, etc. Toof v. City Nat. Bank of Paducah, Ky., C.C.A.Ky., 206 F. 250, 252; a bank taking chattel mortgage for pre-existing debt. Lindig v. Johnson City State Bank, Tex.Com.App., 41 S.W.2d 222, 224. An assignee of conditional seller taking trucks as creditor of purchaser, John W. Snyder, Inc., v. Aker, 134 Misc. 721, 236 N.Y.S. 28, 30. One who had recovered verdict against principal on attachment bond, Amer Realty Co. v. Spack, 280 Mass. 96, 181 N; E. 753, 754; the receiver of an insolvent national bank suing to enforce statutory stockholder's liability for benefit of creditors as a "creditor", Coffey v. Fisher, C.C.A.Tenn., 100 F.2d 51, 33; person to whom letters of administration granted. State ex rel. Gentry v. O' Byrne, 221 Ind. 282, 46 N.E.2d 687, 690. One, seeking to recover from a special administrator for conversion, United States Fidelity & Guaranty Co. v. Krow, 184 Okl. 444, 87 P.2d 950, 954; holders of participation certificates in mortgage, In re R. A. Security Holdings, D.C.N.Y., 46 F.Supp. 254, 255; persons who seize property under a legal process. Neils v. Bohlsen, 181 Minn. 25, 231 N.W. 248; state and political subdivisions, to which the forfeit is payable, International Harvester Co. v. Gully, 188 Miss. 115, 194 So. 472, 473. The National Labor Relations Board, seeking enforcement of a back pay allowance, National Labor Relations Board v. Killoren, C.C.A.Mo., 122 F.2d 609, 612. The United States which filed for record, Underwood v. United States, D.C.Tex., 37 F.Supp. 824, 826. The Reconstruction Finance Corporation, which had purchased over 86 per cent. of outstanding bonds of insolvent irrigation district, pursuant to plan to refinance entire bond indebtedness of district, West Coast Life Ins. Co. v. Merced Irr, Dist., C.C.A.Cal., 114 F.2d 654, 668, 669.
Classification
A creditor is called a "simple contract creditor," a "specialty creditor," a "bond creditor," or otherwise, according to the nature of the obligation giving rise to the debt.
Attaching creditor,
One who has caused an attachment to be issued and levied on property of his debtor.
Catholic creditor
In Scotch law, one whose debt is secured on all or on several distinct parts of the debtor's property. The contracted term (designating one who is not so secured) is "secondary creditor."
Certificate creditor
A creditor of a municipal corporation who receives a certificate of indebtedness for the amount of his claim, there being no funds on hand to pay him. Johnson v. New Orleans, 46 La.Ann. 714, 15 So. 100.
Confidential 'creditor
A term sometimes applied to creditors of a failing debtor who furnished him with the means of obtaining credit to which his real circumstances did not entitle him, thus involving loss to other creditors not in his confidence. Gay v. Strickland, 112 Ala. 567, 20 So. 921.
Creditor at large
One who has not established his debt by the recovery of a judgment or has not otherwise secured a lien on any of the debtor's property. U. S. v. Ingate, C.C.Ala., 48 F. 254; Wolcott v. Ashenfelter, 5 N.M. 442, 23 P. 780, 8 L.R.A. 691.
Domestic creditor
One who resides in the same state or country in which the debtor has his domicile or his property.
Double creditor
See Double Creditor.
Execution creditor
One who, having recovered a judgment against the debtor for his debt or claim, has also caused an execution to be issued thereon. Chalmers & Williams v. Surprise, 70 Ind.App. 646, 123 N.E. 841, 844.
Executor creditor
In Scotch law. A creditor of a decedent who obtains a grant of administration on the estate, at least to the extent of so much of it as will be sufficient to discharge his debt, when the executor named in the will has declined to serve, as also those other persons who would be preferentially entitled to administer.
Existing creditors
See Existing Creditors.
Foreign creditor
One who resides in a state or country foreign to that where the debtor has his domicile or his property.
General creditor
A creditor at large (supra), or one who has no lien or security for the payment of his debt or claim. Wolcott v. Ashenfelter, 5 N.M. 442, 23 P. 780, 8 L.R.A. 691.
Joint creditors
Persons jointly entitled to require satisfaction. of the same debt or demand.
Judgment creditor
See Judgment Creditor.
Junior creditor
One whose claim or demand accrued at a date later than that of a claim or demand held by another creditor, who is called correlatively the "senior" creditor.
Petitioning creditors
As used in Bankruptcy Act, § 64b, 11 U.S.C.A. 104, authorizing one reasonable attorney's fee.
All creditors petitioning for adjudication, or seeking relief consistent with original petition by supplemental or intervening petition, in view of section 59f, 11 U.S.C.A. § 95. In re Marcuse & Co., C.C.A.Il1., 11 F.2d 513, 516.
Principal creditor
One whose claim or demand very greatly exceeds the claims of all other creditors in amount is sometimes so called. See In re Sullivan's Estate, 25 Wash. 430, 65 P. 793.
Secured creditor
See Secured Creditor.
Single creditor
See Single Creditor.
Subsequent creditor
One whose claim or demand accrued or came into existence after a given fact or transaction, such as the recording of a deed or mortgage or the execution of a voluntary conveyance. McGhee v. Wells, 57 S.C. 280, 35 S.E. 529, 76 Am.St.Rep. 567.
Warrant creditor
A creditor of a municipal corporation to whom is given a municipal warrant for the amount of his claim, because there are no funds in hand to pay it. Johnson v. New Orleans, 46 La.Ann. 714, 15 So. 100.
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That's the definition of CREDITOR in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.