North Dakota Code 1-01-19 – Debtor and creditor – Definition
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Except as otherwise defined and used in title 13, everyone who owes to another the performance of an obligation must be called a debtor and the one to whom that person owes it must be called a creditor.
Terms Used In North Dakota Code 1-01-19
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49