debtor
Pronunciation: [ˈdɛb.tər]
Word
Context: “finance”
(noun) a person or organization that owes money to another person or organization. Imagine you borrow money from a bank or a friend, you become their debtor because you need to pay them back.
Example
The debtor promised to repay the loan by the end of the year.
Example
The debtor failed to make any payments this month.
Example
Who is the debtor in this loan agreement?
Context: “law”
(noun) a person or organization that is required to pay back a debt, specifically in a legal context. This means they have a legal responsibility to settle what they owe.
Example
The debtor filed for bankruptcy to manage their debts legally.
Example
The debtor ignored the court's order to repay the debt.
Example
What happens if the debtor cannot pay their debts in court?
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