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LSDefine
Simple English definitions for legal terms
catholic creditor
Read a random definition: copartnership
A quick definition of catholic creditor:
A catholic creditor is someone who is owed money by another person or entity. This can be because they gave credit for goods or services, or because they have a claim that needs to be paid. They may have a lien on the debtor's property, which means they have the right to take and sell it if the debt is not paid. A catholic creditor can be anyone, from an individual to a large corporation.A more thorough explanation:
Definition: A Catholic creditor is a person or entity to whom a debt is owed. They are also known as a creditor, which is someone who gives credit for money or goods. They have a definite claim against another, especially a claim that is capable of adjustment and liquidation.
Example: If John borrows $100 from Mary, Mary becomes a Catholic creditor because John owes her the money.
This example illustrates the definition because Mary is a person to whom a debt is owed, and she has a definite claim against John for the $100 he borrowed from her.