Definitions

§1121. Definitions For purposes of this Chapter, the following terms shall have the following meanings: (1) "Credit agreement" means an agreement to lend or forbear repayment of money or goods or to otherwise extend credit, or make any other financial accommodation. (2) "Creditor" means a financial institution or any other type of creditor that extends credit or extends a financial accommodation under a credit agreement with a debtor. (3) "Debtor" means a person or entity that obtains credit or seeks a credit agreement with a creditor or who owes money to a creditor. (4) "Financial institution" means a bank, savings and loan association, savings banks, or credit union authorized to transact business in this state. Acts 1989, No. 531, §1.