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Simple English definitions for legal terms
single creditor
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A quick definition of single creditor:
A creditor is someone who is owed money or goods by another person or entity. They have a claim that can be adjusted and paid off. A single creditor is a creditor who has a lien on one fund, while a lien creditor is a creditor whose claim is secured by a lien on the debtor's property. A secured creditor has the right to take collateral if the debtor defaults on their debt. An unsecured creditor takes no rights against specific property of the debtor.A more thorough explanation:
A single creditor is a person or entity to whom a debt is owed. They are also known as a debtee. This creditor has a definite claim against another person or entity, which is capable of adjustment and liquidation. In bankruptcy, a single creditor is a person or entity that has a claim against the debtor before the order for relief concerning the debtor.
- John owes $500 to ABC Bank. ABC Bank is the single creditor in this case.
- In a bankruptcy case, if John owes money to three different credit card companies, each company is a single creditor for the amount owed to them.
These examples illustrate that a single creditor is a person or entity to whom a debt is owed and has a definite claim against the debtor. In the first example, ABC Bank is the only creditor to whom John owes money. In the second example, each credit card company is a single creditor for the amount owed to them.