North Dakota Code 13-01-01 – Definitions of creditor and debtor
Current as of: 2023 | Check for updates
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In this chapter, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 13-01-01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
1. “Creditor” means one in whose favor an obligation exists by reason of which the person is or may become entitled to the payment of money.
2. “Debtor” means 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.