Debt

Whatever one owes.* See Debet. 1.

A liquidated demand

A sum of money due by certain and express agreement.* As, by a bond for a determinate sum, by a bill or note.'by a special bargain, or as rent reserved on a lease: in which eases the amount is fixed, specific, does not depend upon subsequent valuation to settle it. 5 Frequently, a sum of money reduced to a certainty, and distinguished from a claim for uncertain damages. As, in statutes of set-oflE, where there are mutual debts' between plaintiff and defendant...

If we 13BI. Com. 156. 2 13 Pet. 494; 11 Mass. 3T0; 30 Minn. 7; 29 Pa. 151. S3 Bl. Com. 305; Steph. PI. 174. * Kodman i'.

Munson, 13 Barb. 197 (1852). regard the original, debitum, a thing due or owing, there is no reason why compensation for a breach of contract may not be " due," although not reduced to a certain sum. This enlarged sense, at least,, may best answer the intent of the legislature. ' A sum of money due by contract. It is not essential that the contract be express, nor that it fix the precise amount to be paid." That for which an action of debt will lie — a sum oif money due by certain and express agreement. In a less technical sense, any claim for money; in a more enlarged sense, any kind of a just demand.^ In its most general sense, that which is due from one person to another, whether money, goods, or services; that which one is bound to pay to or perform for another.* Standing alone, is as applicable to a sum of money promised at a future day as to a sum now due and payable. The former is a debt owing, the latter a debt due.. A sum in all events payable is a debt, without regard to the time of payment. A sum payable upon a contingency is not a debt."

See Due, 1.

Liability in a borrower to be sued is not essential.' The idea is that one has bound himself to pay money which he may be compelled to pay.' " Whatever is due to a man under any form of obligation or promise." Coke says that debitum signifies not only a debt for which an action of debt lies, but, generally, any duty to be yielded or paid.^ A fixed and certain obligation to pay money or some other valuable thing, in the present or in the future. ' Any contract whereby a determinate sum of money becomes due and is not paid, but remains in action, is a " contract of debt." In this light the word comprehends a variety of acquisitions, usually divided into debts — of record, by special contract, and by simple contract. A debt of record is a sum of money which appears to be due by evidence of a court of record; a debt by specialty, a sum acknowledged to be due by an instrument under seal; a debt by simple contract is evidenced 1 Frazer v. Tunis, 1 Binn. 202 (1808), Tilghman, C. J. "United States v. Colt, 1 Pet. C. C. 146 (1815), Washington, J. a New Haven Saw Mill Co. v. Fowler, 88 Conn. 108 (1859). «Kimpton v. Bronson, 45 Barb. 625 (1866), cases; 7 N. Y. 197; 24 id.

290. » People V. Arguello, 37 Cal. 53.5 (1869). « Mayor of Baltimore v. Gill, 31 Md. 390 (1869). ' Scott V. City of Davenport, 34 Iowa, 213 (1872).

8 New Jersey Ins. Co. v. Meeker, 37 N. J. L. 301 (1875): Burrill; Bowen v. Hoxie, 137 Mass. 531 (1884); 3 Mete. by mere oral testimony or by an unsealed note.' Antecedent debt.

See Sectjeity (3), Coir lateral.

Mutual debts

Moneys due or owing by two persons to each other; debts reciprocally due. " Mutual debts," " dealing together," and " indebted to each other," in statutes of set-off, are of the same import. 2 " Mutual debts " and " mutual credits," in § 5013, Kev. St., are correlative expressions. What is a debt ou one side is a credit on the other. In case of bankruptcy only such credits as must in their nature terminate in debts are the subject-matter of set-off,' g. v. Compare Credit, Mutual. Present or existing, prior, and future or subsequent debts.

See Convetance, 2, Fraudulent; Security, 1.

Privileged debt

A debt payable before other debts — in the event of insolvency. Results from the character of the creditor, as, a State or the United States; or form the nature of the debt,' as, funeral expenses. Priority of payment of debts due to the government is founded upon motives of putlio policy, to secure revenue.* Public debt, k national or State obligation; a public security; rarely, if ever, the obligation of a town. 5 "The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and clauns shall be held illegal and void." » 2. The non-payment of any such definite sum of money being regarded as an injury, the remedy afforded is known as the action of debt or simply " debt: " the form of action to compel the performance of the contract. This is the shortest and surest remedy, particularly where the debt arises upon a specialty. But if A verbally agrees to pay B a certain price for a certain parcel of goods, and fails in the performance, an action of debt will lie against A; for this is also a deter- 1 [8 Bl. Com. 464-66; 3 id. 154, 166. See 2 Story, 450; 2 Wash. 385; 11 Ark. 335; 15 Ind. 282; 1 Nev. 589; 40