Someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
Illustrative caselawSee, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).
See alsoSecured transactions
banking
Account Debtor
Definition
Account Receivable
Definition
See accounts receivable.
Account Stated
Definition
A statement between a creditor and a debtor that settles the total amount of debt owed to the creditor.
There are three elements of an account stated: (1) There exists prior transactions between the parties, creating a creditor-debtor...
Accounts Payable
Definition
Short-term debt that a company owes to its suppliers for products received before payment is made. Accounts payable entries are listed under "Current Liabilities" in the business' balance sheet and the items are removed once the account has...
Accounts Receivable
Definition
Money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to the customer. A company enters accounts...
Accrual Method of Accounting
One method of accounting where economic events, such as income and expenses, are recorded at the moment they are incurred, as opposed to when they are received. This provides a more accurate statement of the current financial state of a company and...
Accrue
1. To be added as a matter of periodic gain or advantage, as interest on money.
2. To become a present and enforceable right or demand.
From: Dictionary.com
Adjustable Rate Mortgage (ARM)
A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).
Adjustment
Definition from Nolo’s Plain-English Law DictionaryThe settlement of how much is to be paid on a claim or debt. For example, an IRS-approved change to a tax liability as originally reported on a tax return. Or, an insurance company's settlement on a claim...
Adjustment Date
Definition from Nolo’s Plain-English Law Dictionary
The date the interest rate changes on an adjustable-rate mortgage (ARM). On most ARMs, the rate starts out fixed at a discount for an initial period, such as five years. Then it's reset (typically...