principal debtor

principal debtor
A debtor whose obligation is covered by a guaranty or contract of suretyship.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • pursuit of principal debtor — The taking of measures for the collection of a debt from the principal debtor before seeking payment by the guarantor. 24 Am J1st Guar § 108 …   Ballentine's law dictionary

  • principal debt — The original debt, as distinguished from liability enhanced by accruing interest. The primary liability. The obligation of a principal in a transaction. The obligation of a principal debtor, as distinguished from the obligation of his surety,… …   Ballentine's law dictionary

  • debtor's principal residence — (13A) The term debtor s principal residence (A) means a residential structure, including incidental property, without regard to whether that structure is attached to real property; and (B) includes an individual condominium or cooperative unit, a …   Glossary of Bankruptcy

  • Principal — Prin ci*pal, n. 1. A leader, chief, or head; one who takes the lead; one who acts independently, or who has controlling authority or influence; as, the principal of a faction, a school, a firm, etc.; distinguished from a {subordinate}, {abettor} …   The Collaborative International Dictionary of English

  • principal place of business — The criterion of the residence or nonresidence of a corporation. 36 Am J2d For Corp § 38. As a venue for the adjudication of a debtor in bankruptcy, the place where the debtor s personal business affairs are conducted, notwithstanding his… …   Ballentine's law dictionary

  • principal defendant — The defendant in an action as distinguished from a debtor served with a notice of garnishment in the action …   Ballentine's law dictionary

  • principal employment or business — The occupation or business on which the debtor chiefly relies for a livelihood, and which engrosses most of his time and attention, not for a day, a week, or a month, but throughout the year. Smalley v Masten, 8 Mich 529 …   Ballentine's law dictionary

  • locality of debtor — Means the principal place during the year immediately preceding the bankruptcy where the debtor has carried on business or where the debtor has resided, or where the greater portion of the property of the debtor is situated. (Dictionary of… …   Glossary of Bankruptcy

  • zombie debtor — n. An indebted consumer who is only able to pay the debt interest each month. Example Citations: Steve Inch, chair of the Scotcash board, said the collaboration which sees a loan advisor based full time in the offices of North Glasgow Housing… …   New words

  • SURETYSHIP — (Heb. עַרְבוּת), one person s undertaking to fulfill the obligation of another toward a third person (called the arev, ḥayyav, and nosheh, respectively). In Jewish law fulfillment of an obligation is secured primarily through the assets of the… …   Encyclopedia of Judaism

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