Page:Black's Law Dictionary (Second Edition).djvu/343

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DEBT

A sum of money arising upon a con tract,_ex_press or implied. In its more general sense, it is defined to be that which is due from one person to another, whether money. goods, or services; that which one person is bound to pay or perform to another. Under the legahtender statutes. it seems to import any obligation by contract. express or implied, which may be disthnrged by money through the voluntary action of the party bound. Wherever he may be at liberty to perform his obligation by the payment nf -i - -clfic sum of money, the party ouiu r the obli'..itnin is subject to what. in these stntutes_. N lE!'|1]Ld “debt." Kimpton v. Bronson. 4.) Barb. (N. Y.) SIS.

The word Is sometimes used to denote an aggregate of separate debts, or the total sum of the existing claims agamst a person or tonipany. Thus we speak of the “national debt." the "bonded debt" of a corporation. em.

Synonyms. The term “den.iand" is of much broader import than "debt." and embraces rights of action belonging to the debt- or bcvond those which could appropriately be called “debts." In this respect the term "demaud" is one of very extensive import. In re Denny. 2 Hill (N. 1'.) 223.

The words "debt" and “l1a'hiIlt3"' are not synonymous. As applied to the pecuniary relations of parties, liability is a term of broader slgiiifieiince than debt. The legal not-cptation of debt is a sum of money due by certain and express agrceuient. Liability is responsibility; the state of one who 1s bound In low and justlce to do something which may be enforced by nation. This linhility may nrlse from contracts either express or Implied, or in consequence of torts comniltted. l\IcE1fresh v. Ktidienihill. 36 Iowa, 226.

“Debt" is not exactly synonymous with “duty." A debt is a legal llalilllty to pay a specific sum of money; a duty is it legal ob- llgation to perform some set. Allen v. Dick- son. Minor (A.la.) 120.

In practice. The name of a conunon~iaw action, which has to recover a certain spe- eific sum of money, or a sun] that can rend- ily be reduced to a certainty. 3 Bl. Comm. 154; 3 Stoph. Comm. 461: 1 Tidd. Pr. 3.

It is said to lie in the (lehct and detinrt. (when it ls stated that the defendant owes and dctnins.) or in the drlinet. (when it is stated merely that he detains.) Debt in the detinet for goods dilfers from detinue. because it is not essential in this action, as in dclinue. that the specific property in the goods should have been vested in the plaintiff at the time the action is brought. Dyer. 24b.

—Debt by Simple contract. A debt or demand founded upon a vcrlnal or implied contract, or upon any written asrircmrnt that is not under seal.—Debt by specialty. A debt due, or nelcnowledizcd to be due, by some deed or instrument under seal: as a deed of cove- nant or sale, a lease reserving rent, or a bond or ohli_-zation. 2 Bl. (‘onini -It‘-J; Kerr v. Ly- tlecker. 51 Ohio St. 240. 37 N. E. 21' '13 L. R. A. 3142; Marriott v. Thompson. Wilies, 180. —]Jebt ex mutuo. A species of debt or obligation mentioned by Glunville and Brncton, and which arose cs mutuo out of 11 certain kind of loan. Glan. lib. 10. Mnruuit; Ex .\Inrt7o. Debt of record. A

335

DECANATUS

debt which appears to be due by the evidence of a cuilrt of rccord, as by a jlIfl2'I1]E'l]t or recoznizunce. 2 Bl. Comm. 4(‘>5.—Lega1 debts. Those that are recoverable in a (ouit of cum- mnn law, as debt on a bill of exchange, a bond, or a simple contract. Rom-rs v. D uiell. 8 Allen Glass.) 343: Guild v. “Halter. 182 Mass. 223. 65 N. E. b'S.—1VII1tual debts. Money due on both sides between two persons.—Pussive debt. A debt upon which, by a.greci1ieut betueen the debtor and creditor. no interest is payable, as distinguished from active debt: i. 0., a debt upon which interest is payable In this sense, the terms ‘‘active and “p.issi\'c" lire applied to certain debts due from the Spanish government to Great Britain. Wharton. In nnother sense of the words, a debt is "active" or “pnssi\'e" according as the person of the crud- itor or debtor is regauled: a p ve (lcbt being that which 5. man owes; an acthe debt that which is owing to him. In this meaning every dcht is both active and passive.—ar-iiie as re- gurn. ihe creditor. passive as re,-.'-iids the debtor. ——PIiblic debt. That which ls doc or owing by the government of a state or nation. 'l"|ie terms “public debt" and "public securities." used in legislntion, are terms generally applied to national or state obligations and dues, and would rarely, if ever. he construed to iuclurle town debts or obligations: nor would the term E “public revenue" orilinzirily he applied to funds arising: from town taxes. ’iIur_-.;un v. Cree. 46 Vt 773. 14 Am. Rep (‘A0.——I-‘lire debt. In Scotch law. A debt due now and unconditionally is so called. It is thus distin:.-nished from 5 future dcbt.—pn_\able at a fixed day in the futuie.—nnd u caiizingcuc debt. vshich will only F bccome due upon the happening of a certain contin_1cncy.—Sinrp1e contract debt. One wbcre the contract upon which the obligation nriscs is ucithcr ascertained by matter of record nor yet by door] or special instrument, but by mere oril evidence the most simple of any, or by G

notes unsealed, which nre capable of a more easv proof, and tliercfni-I2 only better than a verbni promise. 2 Bl. ('omm_ alI‘iG.

DEBTEE. A person to whom a debt is due: a 5-13. creditor. 3 Bl. Comm. 18; Ploud. Not used. H

DEBTOR. One who owes a debt: he who may be compelled to pay a claim or demand.

—Common debtor. In Scotch law. A debtor whose effects have been arrested by several (‘rod- itors. In regard to thrsc On-'di|0)‘S. he is ' common debtor and by this term ls distin.. isl ed in the proceedings that take place in the competition. P-c|l.—Debtur’n act 1869. The statute 32 & 31‘. \'ict. c. I32, abolishing: immis- onment for doht in England, and for the punish- ment of fraudulent dcbtnrs. 2 Stcph. Comm. j 159—‘l('r4. Not to be eunfuiinllod \.ith the Bank- ruptcy Act of 1869. Mozlcv 8: “'l.iitley.—Debt- or’s summons. In English law. A summons issuing from It court having jurisdiction in bank- ruptcy. upon the creditor proving a liquidated deht of not iess than £50, which he has failed

to collect nfter reasonable effort. stating that if K the debtor fail, within one week if a trader, and within three weeks if a non-trader. to pay or compound for the sum specilictl, a petition may

be Dl'I>fiPlll.€d stainst him praying thnt he fll'l_V

be alljiiilzrd Ii banknlpt. BaDkI'l1fltFy Act ISM).


§ 7: Robs. Punulm; Mozley & \\-'hltley. L DECALOGUE. The ten commandments given by God to Moses. The Jews called

them the "Ten Words." hence the name.

DECANATUS. A deauery. Spelninn. A company of ten persons. Calvin.

Ill