S.D. Codified Laws § 54-1-1

Current through the 2024 Legislative Session

Section 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.

SDCL 54-1-1

CivC 1877, §§ 2018, 2019; CL 1887, §§ 4651, 4652; RCivC 1903, §§ 2363, 2364; RC 1919, §§ 2036, 2037; SDC 1939, § 23.0101.