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A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. [1]
Legal definitions serve as the cornerstone of legal interpretation, providing clarity and precision within legal texts, statutes, and regulations. A well-crafted legal definition ensures uniform understanding and application of law, which is critical in the administration of justice.
20 lut 2023 · A creditor is an individual or institution that extends credit to another party to borrow money usually by a loan agreement or contract. Creditors such as...
Creditor. An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence or intentionally wrongful act.
In simple terms, a creditor is a person or entity to whom a debt is owed. The individual or business that owes the debt is referred to as the debtor. This legal concept forms the foundation of financial transactions and plays a vital role in the business world.
A creditor is a natural or legal person who supplies goods or services to a company on a credit basis. This means that the company does not pay for the goods delivered or services rendered immediately, but incurs a liability to the creditor which is settled at a later date.
