Creditor
Creditor is a term used in the financial world to refer to a party (an individual, organization, company, or government) that has a claim to the services of a second party. It is a person or institution that lends money or services to another party under a repayment agreement.
Definition
A creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future. A business who provides supplies or services to a company or an individual and does not demand payment immediately is also considered a creditor, based on the fact that the client owes the business money for services already rendered.
Types of Creditors
There are two main types of creditors: personal and real. Personal creditors are people who the debtor (the one who owes money) has borrowed money from for personal use. Real creditors are those that have a lien on a specific piece of property.
Personal Creditors
Personal creditors represent loans made for personal use rather than for business purposes. This could be a loan to cover personal expenses or a mortgage for a personal residence.
Real Creditors
Real creditors have a lien against a specific piece of property. If the debtor fails to make the necessary payments, the real creditor can take possession of the property that is under lien.
Rights of Creditors
Creditors' rights are the procedural provisions designed to protect the ability of creditors—persons who are owed money—to collect the money that they are owed. These provisions vary from one jurisdiction to another, and may include the ability of a creditor to put a lien on the debtor's property, to effect a seizure and forced sale of the debtor's property, to effect a garnishment of the debtor's wages, and to have certain purchases or gifts made by the debtor set aside as fraudulent conveyances.
See Also
References
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