DEBTOR - A person or entity who
owes an obligation of a fixed or certain amount. One
who owes a debt; he who may be constrained to pay
what he owes.
A debtor is bound to pay his debt personally, and
all the estate he possesses or may acquire, is also
liable for his debt.
Debtors are joint or several; joint, when they all
equally owe the debt in solido; in this case if a
suit should be necessary to recover the debt, all
the debtors must be sued together or, when some are
dead, the survivors must be sued, but each is bound
for the whole debt, having a right to contribution
from the others; they are several when each promises
severally to pay the whole debt; and obligations are
generally binding on both or all debtors jointly and
severally. When they are severally bound each may
be sued separately, and on the payment of debt by
one, the others will be bound to contribution where
all had participated in the money or property which
was the cause of the debt.
Debtors are also principal and surety; the principal
debtor is bound as between him and his surety to pay
the whole debt and if the surety pay it, he will be
entitled to recover against the principal.
