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Debt |
[Old French dette, ultimately from Latin debita, plural of debitum debt, from neuter of debitus, past participle of debere to owe]
1 : something owed: as
a : a specific sum of money or a performance due another esp. by agreement (as a loan agreement) <to pay the ~s...of the United States U.S. Constitution art. I> <a ~ for alimony>
b : an obligation to pay or perform on another's claim <discharged the ~>
compare asset equity
It is often up to the courts to decide what is or is not a debt under various laws. Courts disagree whether criminal restitution is a debt under the Bankruptcy Code. The historical practice of imprisoning debtors for nonpayment is no longer used.
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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collateral estoppel
estoppel by judgment barring the relitigation of issues litigated by the same parties on a different cause of action
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