Page:Black's Law Dictionary (Second Edition).djvu/305

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CREDIT

time, In consequence of the favorable opin- lull held by the Couiuillllity, or by the pariiuiinr lender, as to his solvency and reha- liutv People v. Wnsservogic, 77 Cal. 173, HI Pu. 970; Dry Dock Bank v. Trust Co., 3 N. Y. 3 .

2. Time allowed to the buyer of goods by the seller, in which to mnhe payment for them.

3. The correlative of a debt; that is, a d-vrt considered from the creditor's stand- puint, or that which is incoming or due to one

4. That which is due to a mcrchant, as distinguished from debit, that which is due by him.

5. That influence connected with certain social positions. 20 Touilier, n. 19.

The credit of an individiiai is the tnist reposed in him by those who do a with him that he is of ability to meet his cngagcinents; and he is trusted because through the tribunals of the country he may be made to pay. The credit of a government is founded on a beiief of its ability to comply with its engagements, and :1 (‘(|nii\’iEil(B in its honor, that it will do that vuiuutririly which it cannot be compelled to do. Owen v. Branch Bank. 3 Ala. ‘.758.

——Biil of credit. See Bl'LL.—Letter of credit. An open or seaied iettcr, from a merilumt in one place. directed to another. in an- other place or country, requiring him, if a permn therein named, or the bearer of the ietter, shall have occasion to buy commodities, or to hunt money to any particular or uniimited nmnunt. either to procure the same or to pass his romise. bili, or bond for it, the writer of thc 1-ltcr undertaking to provide him the money for the goods, or to repay him by exchange, or to g1VE him such sntisfnction as he shali re- I]|lii'P. either for himself, or the bearer of the letter. 3 Chit. Com. Law, 336 A letter of credit is a written instrument, addressed by one In-non to another. requesting the latter to give imlit to the person in whose fiivor it is drnvrn. (‘iv. Corie Cal § 2858. Mechanics’ Bank v. l\'eu York & N. II. R. Co., 13 N. Y. 630; I‘ look v. Heiin, 54 Miss. 5. 28 Am. Rep. 3-52: l41far;':ue v. Harrison. 70 Cal. 380, 9 Pac. 261, 59 Am. Rep. 416 General and special. A general lr-r'-r of crcilit is one addressed to any and nil v,-woos, without mining any one in partii-ular, ctille a special letter of credit is addressi-d to a nnrlzicular indivirluzil. firm, or corpoi-atioii by IIEIYIP Birclrbead v. Brown. 5 Iliil (N. Y.) G-12; 1‘i._ (‘ode \[ont. 1‘i')Zi. § 371:}.—I.ins of cred- it. See LI'*lE.—1Kutun.l credits. In hunk- rllpt law Credits which must. from their na- illrr‘. terminate in debts: as where a debt is due [mm one pnrty, and credit given by him to llll" other for a sum of money payable at a future rlav, and uiiich will then become a debt; or_vi-bcrc thcre is a debt on one side, and

lilil

l' _ 8 T.iunt. 49!); 2 Smith. Ir-ad Gas. 179. 'l’.v this phrase. in thi- rulc under which courts of equity allow set-off in cases of miituni credit, we are to understand n ‘nowiedge on both sides of an existing debt di «- to one party, and ti credit by the other nortr founded on and trusting to such dcbl. iis

ll_[.l'll‘fll'lS of disclinrging it. King v. Kinz. 9 .\. J. Eq. _ Credits given by two persons nit-tiially: z. e.. each giving credit to the other.

it is a more extensive phrase thnn "mutual debts." Thus, the sum credited by one may be due at once. that by the other payable in future: yet the irrtlits are mutuai. ti]0ll,‘Zi] the transaction wouid not come within the meaning

97 CREDITOR

of "mutual debts." 1 Atk. $0; Atkinson v. Elliott, 7 Term R. 3'i'8.—Persnnal credit. That credit which a person possesses as an indiiidual, and which is founded on the opinion entertained at his character and business st.ind- Lug.

c1u':nr'r. Fr Credit in the English sense of the term, or more piirIiculn_i-ly, the security for a ionn or advancement

—Cx-édit fancier. A company or corporation formed for the purpose of carrying out improvemcnts, by means of loans and ndvnnccs on real estate security.—Crédit moliilier. A company or wciation formcd for carrying on a banking bus ness, or for the construction of pub- lic ivoi-la, building of ruiirn ds. operation of mines, or other such enterpr , by means of loans or advances on the security of peisvnai property. Burrett v. Saiings Inst., 6-1 N J Eq. -125‘, 54 ALL 543.


CREDITOR. A person to whom a debt is owing by another person, caiieci the "debt- or." Mohr v. Eievator Co., 40 Minn. 343, . W. 1074; Woolverton v. Taylor Co., App. 424; Insurance Co. v. Meeker, 37 N Law, 300; Walish v. Miller. 51 Ohio St. 46-. 38 N. E. 381. The foregoing is the strict legal sense of the term; but in a wider sense it means one who has a legni right to demand and recover from another a sum of money on any account whatever, and hence may inciude the owner of any right of action against another, whether arising on contract or for a tort, a penalty, or a forfeiture. Keith v. 1‘-liner. 63 Ark. 1!-14,

as s. W. 13; Bongard v. Biock, 81 in. 134:, G

25 Am. Rep. 276; Chalmers v. Sheehy, 132 Cal. 459, 64 Pan. 709. 84 Am. St. Rep. 62; Pierstoii‘ v. Jorges, 86 Wis. 128, 56 N. W 735. 39 Am. St. Rep. 881.

Classification. A creditor is caiied a “simpie contract crc-ditor," a “specialty creditor,” a “bond creditor," or otherwise, according to the nature of the obligation giving rise to the debt.

Other cmnpcund and decriptive terms. —Attaciii.ng creditor. One who has caused an attachment to be issued and levied on prop- erty of his de|:rtor.—CnI:hniio creditor. In Scotch law. one whose debt is secured on all or on severai distinct parts of the m:bIor's prop- erty. The contrasted term (designating one who is not so secured) is "secondary creditor." —Cer-tificnte creditor. A creditor of a municipal corporation who receives a certificate of indchicdness for the amount of his ciaim, there being no funds on mind to pay him. Johnson v New Orleans. 46 La. Ann. 714, 15 South 1fiO.—Coxifidcnti.n.l creditor. term sometimes applied to creditors of a failing‘ di-iutor who furnished him with the means of obtaining credit to w ich his real circumstances did not en- iitie him, thus invoivin: loss to other creditors not in his confidencc. Gav v Stri(‘kl.md. 112 Ala -":67. 20 South. 9‘_'l.—Creditor at large. One who has not estahiishcd his dclit by the recovery of a judgment or has not otherwise secured a lien on any of the debtor's property. U. . v. lngate (G. G.) 48 Fed. 254: Wolcott v. Ash-

‘. 5 N. M. 442. 23 Pac. TSO. 8 L. R A. 691 —Domestic creditor. One who resiiles in the same state or country in which thc dchlor has his doiniciie or his property.—Execiition creditor. One who. having recovered a judgmcnt against the debtor for his debt or claim, has also caused an execution to be issued thereoff.—1‘oreign creditor. One who resides in

a state or country foreign to that where the