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What is the creditor debtor law?

They describe a relationship where one party owes money to another party. The debtor is the party that owes the money (debt), while the creditor is the party that loaned the money. For example, if Jay loans Reva $100, Reva is the debtor and Jay is the creditor.

What is the debtor creditor principle?

In this context, Courts in India have applied the principle of debtor must seek the creditor in certain cases, to hold that the Court situated in the territorial jurisdiction where the Plaintiff resides or carries on business, may have jurisdiction to entertain suits for recovery of money.

What are the obligations of the debtor?

A debtors obligation can arise from various circumstances, including loans, extensions of credit, taxes, leases, medical bills and tort claims for damages. Debts can be written or oral, and agreements can be express or implied, in ance with contract laws.

What is an example of a debtor-creditor relationship?

Most of our debtor-creditor relationships arise from voluntary interactions. Examples include loans of all types, credit lines and the use of credit cards. When a person purchases a car and finances the cost, the purchaser is voluntarily incurring debt.

What is the debtor creditor rule?

What is Debtor-Creditor Law? This type of law refers to the relationship between creditors and debtors. Once a creditor has a judgment the debtor often pays the full amount of the judgment. If the debtor cannot pay, the creditor and debtor may agree upon a payment schedule.