54-1-1. Definition of terms--Debtor--Creditor.
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/sd/title-54/chapter-54-1/54-1-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Terms used in this chapter and chapter 54-8 are defined as follows, unless the context otherwise plainly requires:
(1)"Creditor," is one in whose favor an obligation exists by reason of which he is, or may become, entitled to the payment of money;
(2)"Debtor," one who, by reason of an existing obligation is, or may become liable to pay money to another, whether such liability is certain or contingent.