Legal Term Dictionary

A creditor. Cowell.

A creditor. Cowell. Less...

To bring into being; to cause to exist; to produce; as, to create a trust In lands, to create a corporation, Edwards v. Bibb, 54 Ala. 481; McClellan v. McClellan, 65 Me. 500. To create a charter or a corporation is to make one which never existed before, while to More...

To bring into being; to cause to exist; to produce; as, to create a trust In lands, to create a corporation, Edwards v. Bibb, 54 Ala. 481; McClellan v. McClellan, 65 Me. 500. To create a charter or a corporation is to make one which never existed before, while to renew one is to give vitality to one which has been forfeited or has expired; and to extend one is to give an existing charter more time than originally limited. Moera v. Reading. 21 Pa, 189; Railroad Co. v. Ortoa (C. C.) 32 Fed. 473; Indianapolis v. Navin, 151 Ind. 139, 51 N. E. 80, 41 L. It A. 344. Less...

In international law; The instruments which authorize and establish a public minister in his character with the state or prince to whom they areaddress> ed. If the state or prince receive the minister, he can be received only in the quality attributed to him in his credentials. They are, as More...

In international law; The instruments which authorize and establish a public minister in his character with the state or prince to whom they areaddress> ed. If the state or prince receive the minister, he can be received only in the quality attributed to him in his credentials. They are, as it were, his letter of attorney, his mandate patent, mandatum manifest urn, Vattel, liv. 4, c. 6, § 76. Less...

Worthy of belief; entitled to credit. See COMPETENCY. —Credible person. One who is trustworthy and entitled to be believed; in law and legal proceedings, one who is entitled to have his oath or affidavit accepted as reliable, not only on account of his good reputation for veracity; but also on More...

Worthy of belief; entitled to credit. See COMPETENCY. —Credible person. One who is trustworthy and entitled to be believed; in law and legal proceedings, one who is entitled to have his oath or affidavit accepted as reliable, not only on account of his good reputation for veracity; but also on account of his intelligence, knowledge of the circumstances, and disinterested relation to the matter in question. Dunn v. State) 7 Tex. App. H05; Territory v. Leary. 8 X. M. 180, 43 Pac. 688: Peck v. Chambers, 44 W. Va. 270, 28 S. E. 706.—Credible witness. One who, being competent to give evidence, is worthy of belief. Peck v. Chambers, 44 W. Va. 270, 28 S. E. 706; Savage v. Bulger (Ky.) 77 S. W. 717: Amory v. Fellowes, 5 Mass. 228; Bacon v. Bacon, 17 Pick. (Mass.) 134: Robinson v. Savage, 124 111. 266, 15 N. E. 850.—Credibility. Worthiness of belief; that quality in a witness which renders his evidence worthy of belief. After the competence of a witness is allowed, the consideration of his credibility arises, and not before. 3'B1. Comm. 309: I Burrows, 414, 417; Smith v. Jones, 68 Vt. 132, 34 Atl. 424. As to the distinction between competency and credibility, see COMPETENCY: —Credibly Informed. The stntemeut in a pleading or affidavit that one is "credibly informed and verily believes" such and suoh. facts, means that, having no direct personal knowledge of the matter in question, he has derived his information in regard, to it from authentic sources or from the statements of persona who, are not only "credible." in the sense of being trustworthy, but also informed as to the pari ticular matter or conversant with it. . Less...

1. The ability of a business man to borrow money, or obtain goods on time, in consequence of the favorable opinion held by the community, or by the particular lender, as to his solvency and reliability. People v. Wasservogle, 77 Cal. 173, 19, Pac. 270; Dry Dock Bank v. Trust More...

1. The ability of a business man to borrow money, or obtain goods on time, in consequence of the favorable opinion held by the community, or by the particular lender, as to his solvency and reliability. People v. Wasservogle, 77 Cal. 173, 19, Pac. 270; Dry Dock Bank v. Trust Co., 3 N. Y. 356. 2. Time allowed to the buyer of goods by the seller, in which to make payment for them. 3. The correlative of a debt; that is, a debt considered from the creditor's stand- point, or that which is Incoming or due to one. 4. That which is due to a merchant, as distinguished from debit, that which is due by him. 5. That influence connected with certain social positions. 20 Toullier, n. 19. The credit of an individual is the trust reposed in him by those who deal with him that he is of anility to meet his engagements; 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 belief of its ability to comnry with its engagements, and a confidence in its honor, that it will do that voluntarily which it cannot be compelled to do. Owen v. Branch Bank, 3 Ala. 258. —Bill of credit. See BILL.—Letter of credit. An open or sealed letter, from a merchant in one place, directed to another, in another place or country, requiring him. if a person therein named, or the bearer of the letter, shall have occasion to buy commodities, or to want money to any particular or unlimited amount, either to procure the same or to pass his promise, bill, or bond for it, tbe writer of the letter undertaking to provide him the money fbr the goods, or to tepay him by exchange, or to give him such satisfaction as he shall require, 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 person to another, requesting the latter to give credit to the person in whose favor it is drawn. Civ. Code Cal. * 2858. Mechanics' Bank v. New York & N. H. R, Co., 13 N. Y. 630; Pollock v. Helm, 54 Miss. 5. 28 Am. Rep. 342; Lafargue v. Harrison, 70 Cal. 380,9 Pac. 261, 59 Am. Ren. 416. General and special. A general letter of credit is one addressed to any and all persons, without naming any one in particular, while a special letter of credit is addressed to a particular individual, firm, or corporation bv name. Birckhead v. Brown. 5 Hill (N. Y.) 642; Civ. Code Mont. 1895. § 3713.—Line of credit. See Lira.—Mutual credits. In bankrupt law. Credits which must, from their nature, terminate in debts; as where a debt is due from one party, and credit given by him to the other for a sum of money payable at a •future day, and which will then become a debt; or where there is a .debt on one side, and a delivery of property with directions to turn it into money on the other. 8 Taunt 499 ; 2 Smith. Lead. Cas. 179. By this phrase, in the rule under which courts of equity allow set-off in cases of mutual credit, we are to understand a knowledge on both sides of an existing debt due to one party, and a credit by the other par--ty. founded on and trusting to such debt, as a means of discharging it. King v.King. 9 X. J. Eq. 44. Credits given by two persons mutually; t. c.. each giving credit to the other. It is a more extensive phrase than "mutual debts." Thus, the sum credited by one may be due at once, that by the other payable in fu-turo; yet tjie credits are mutual, though the transaction would-not come within the meaning of "mutual debts." VAtk. 230; Atkinson v. Elliott. 7 Term R. 378.—Personal credit. That credit which a person possesses as an individual, and which is founded oh the opinion entertained of his character and business standing. Less...

Fr. Credit in the English sense of the term, or more particularly, the security for a loan or advancement. —Credit fonder. A company Or corporation formed for the purpose of carrying out improvements, by means of loans and advances on real estate security.—Credit mobilier. A company or association formed for More...

Fr. Credit in the English sense of the term, or more particularly, the security for a loan or advancement. —Credit fonder. A company Or corporation formed for the purpose of carrying out improvements, by means of loans and advances on real estate security.—Credit mobilier. A company or association formed for carrying on a banking business, or for the construction of public works, building of railroads, operation of mines, or other such enterprises, by means of loans or advances' on the security of personal property. Barrett v. Savings Inst, 64 N. J. Bq. 425, 54 Atl. 543. Less...

A person to whom a debt is owing by another person, called the "debtor." Mohr v. Elevator Cov, 40 Minn. 343, 41 N. W. 1074; Woolvertoh v. Taylor Co., 43 111. App. 424; Insurance • Co. v. Meeker, 37 N. J. Law, 300; Walsh v. Miller, 51 Ohio St 462, More...

A person to whom a debt is owing by another person, called the "debtor." Mohr v. Elevator Cov, 40 Minn. 343, 41 N. W. 1074; Woolvertoh v. Taylor Co., 43 111. App. 424; Insurance • Co. v. Meeker, 37 N. J. Law, 300; Walsh v. Miller, 51 Ohio St 462, 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 legal right to demand and recover from another a sum of money on any account whatever, and hence may include the owner of any right of action against another, whether arising on contract or for a tort; a penalty, or a forfeiture. Keith v. Hiher, 63 Ark. 244, 38 S. W. 13; Bongard v. Block, 81 111. 186, 25 Am. Rep. 276; Chalmers V; Sheeny, 132 Cal. 459, 64 Pac. 709, k Am. St. Rep. 62; Pierstoff v. Jorges, 86 Wis. 128, 56* N. W 735, 39 Am. St Rep. 881. j- . Classification. A creditor is called a "simple contract creditor," a "specialty creditor,"- a "bond creditor," or otherwise, according to the nature of the obligation giving rise to the debt. Other compound and descriptive terms. —Attaching creditor. One who has caused an attachment to be issued and levied on property of . his debtor.—Catholic creditor. In Scotch law, one whose debt is secured on all oi on several distinct parts of the debtor's property. The contrasted term (designating one who is not so secured) is "secondary creditor." —Certificate creditor. A creditor of a municipal corporation who receives a certificate of indebtedness for the amount of his claim, there being no funds on hand to 'pay him. Johnson v. New Orleans, 46 La. Ann. 714, 15 South. 100.—Confidential creditor. A term sometimes applied to creditors of a failing debtor who furnished him with'the means of obtaining credit to which his real circumstances did' not entitle him, thus involving loss to * other creditors not in his confidence. Gay v. Strickland, 112 Ala. 567, 20 South. 021.—Creditor at large. One who has not established his debt by the recovery of a judgment or has not otherwise secured a lien on any of the debtor's property. U. S. v. Ingate (C: C.) 48 Fed. 254; Woicott v. Ash-enfcltcr, 5 N. M. 442, 23 Pac. 780, 8 L. R. A. 691 .—Domestic creditor. One who resides in the same state or country in which the debtor has his domicile or his property.—Execution creditor. One who. having recovered a judgment against the debtor for ins debt or claim, has also caused art execution to be issued thereon.—Foreign creditor.- One who resides in a state or country foreign to that where the debtor has his domicile or his property.—General creditor. A creditor at large (supra), or one who has no lien or security f on the payment of bis debt or claim. King v. Eraser, 23 S. C. 543; Wolcott v. Ashenfelter, 5 N. M. 442, 23 Pac. 780, 8 LL R. A. 091.—Joint creditors. Persons jointly-entitled to require satisfaction of the same debt or demand.—Judgment creditor. One who has obtained a judgment against his debtor, under which he can enforce execution. King v. Fraser, 23 S. C. 548; Baxter v. Moses, 77 Me. 465, 1 Atl. 350. 52 Am. Rep. 783; .Code Civ, Proc. N. Y. 1899, | 3343.—Junior creditor. One whose claim or demand accrued at a date later than that of a claim or demand held by another creditor, who is called correlatively the "senior" creditor. —Lien creditor. See LIEN.—Preferred creditor. See PREFERRED.—Principal creditor. One whose claim or demand very greatly exceeds the claims of all other creditors in amount is sometimes so called. See In re Sullivan's Estate, 25 Wash. 430, 65 Pac. 793.— Secured creditor. See SECURED.—Subsequent creditor. One whose claim or demand accrued or came into existence after a given fact or transaction, such as the recording of a deed or mortgage or the execution, of a voluntary conveyance. McGhee v. Wells. 57 S. C. 280. 35 S. E. 529, 76 Am. St. Rep. 567; Evans ¦v. Lewis, 30 Ohio St. 14.—Warrant creditor. A creditor of a municipal corporation to whom Is given a municipal warrant for the amount of his claim, because there are no funds In hand to pay it. Johnson v. New Orleans, 46 La. Ann. 714, 15 South. 100. Less...

In English practice. A bill in equity, filed by one or more creditors, for an account of the assets of a decedent, and a legal settlement and distribution of his estate among themselves and such other creditors as may come in under the decree. In American practice. A proceeding to More...

In English practice. A bill in equity, filed by one or more creditors, for an account of the assets of a decedent, and a legal settlement and distribution of his estate among themselves and such other creditors as may come in under the decree. In American practice. A proceeding to enforce the security of a Judgment creditor against the property or interests of his debtor. This action proceeds upon the theory that the Judgment is in the nature of a lien, such as may be enforced in equity. Hudson v. Wood (C. C.) 119 Fed. 775; Fink v. Patterson (C. C.) 21 Fed. 602; Gould v. Torrance, 19 How. Prac. (N. Y.) 560; McCartney v. Bostwick, 32 N. Y. 57. A creditors' bill, strictly, is a bill by which a creditor seeks to satisfy his debt out of some equitable estate of the defendant, which is not liable to levy and sale under an execution at law. But there is another sort of a creditors' bill, very nearly allied to the former, by means of which a party seeks to remove a fraudulent conveyance out of the way of his execution. But a naked bill to set aside a fraudulent deed, which seeks no discovery of any property, chose in action, or other thing alleged to belong to the defendant, and which ought to be subjected to the payment of the Judgment, is not a creditors' bill. Newman v. Willetts, 52 111. 98. Creditorum appellations non hi tan-tum accipiuntur qui pecuniam credider-unt, sed omnes quibus ex quallbet causa debetur. Under the head of "creditors" are included, not alone those who have lent money, but all to whom from any cause a debt is owing. Dig. 50, 16, 11. Less...

A female creditor.

A female creditor. Less...

In maritime law. Such little inlets of the sea, whether within the precinct or extent of a port or without, as are narrow passages, and have shore on either side of them. Call. Sew. 56. A small stream less than a river. Baker v. City of Boston, 12 Pick. 184, More...

In maritime law. Such little inlets of the sea, whether within the precinct or extent of a port or without, as are narrow passages, and have shore on either side of them. Call. Sew. 56. A small stream less than a river. Baker v. City of Boston, 12 Pick. 184, 22 Am. Dec. 421. The term imports a recess, cove, bay, or inlet in the shore of a river, and not a separate or independent stream; though it Is sometimes used In the latter meaning. Schermerhorn v. Railroad Co., 38 N. Y. 103. Less...