Section 54-1-1 - Definition of terms--Debtor--Creditor

54-1-1. Definition of terms--Debtor--Creditor.Terms used in this chapter and chapter 54-8 are defined as follows, unless the context otherwise plainly requires:(1)'Creditor,' is one in whose favor an obligation exists by reason of which he is, or may become, entitled to the payment of money;(2)'Debtor,' one who, by reason of an existing obligation is, or may become liable to pay money to another, whether such liability is certain or contingent. Source: CivC 1877, §§2018, 2019; CL 1887, §§4651, 4652; RCivC 1903, §§2363, 2364; RC 1919, §§2036, 2037; SDC 1939, §23.0101.