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[kevin oleary]
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LSDefine
Simple English definitions for legal terms
debtee
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A quick definition of debtee:
A debtee is someone who is owed money or goods by another person or entity. They are also known as a creditor. This can include anyone who has a claim against someone else, such as a bank or a person who has loaned money to a friend. A debtee may have a right to take legal action to collect the debt if it is not paid back.
A more thorough explanation:
Definition: A person or entity to whom a debt is owed; one who gives credit for money or goods.
Example: John borrowed $500 from Mary and now he owes her the money. Mary is John's debtee.
This term is an archaic version of the word "creditor". It refers to someone who has given credit to another person or entity and is owed money or goods in return. For example, if a person borrows money from a bank, the bank becomes their debtee. The term can also be used in legal contexts, such as in bankruptcy cases where a debtee is someone who has a claim against the debtor.