Definition of Creditor:
One party has money.
(1) Secured in the general classification of lenders - those who have the legal right to take certain properties from the borrower and sell them in case of default. (2) There is no guarantee: those who are not eligible. ()) Preferred or Senior: Who has priority over other lenders to claim the property of the bankrupt borrower? (4) Junior: After paying the claims of senior or preferential lenders whose claims are confirmed.
Debtor of a person or company.
How to use Creditor in a sentence?
- He sold his Ferrari to pay off his creditors.
- Although Peter can no longer repay his creditors, he is at least relieved that he cannot claim his home because the loan is not guaranteed because his credit rating is not like one of his assets.
- The lender has filed a claim and it is up to the administrator to determine who pays how much, as the inheritance is small.
- Immediately after graduation or graduation, contact your lender to arrange for repayment of your student loan.
Meaning of Creditor & Creditor Definition