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