Debt

contracts, is a sum of money due by certain and express agreement, 3 Bl. Com. 154. In a less technical sense, as in the * act to regulate arbitrations and proceedings in courts of justice,” of Pennsylvania passed the 21st of March, 1806, s. 5, it means any claim for money. In a still more enlarged sense it denotes any kind of a just demand; as, the debts of a bankrupt. Debts arise or are proved by matter of record, as judgment debts; by bonds or specialties; and by simple contracts, where the quantity is fixed and specific and does not depend upon any future valuation to settle it. -3 Bl. Com. 154. Debts are discharged in various ways, but principally by payment. See Accord and Satisfaction, Bankruptcy, Confusion, Compensation, Delegation, Defeasance, Discharge of a contract, Extinction, Extin- ‘guishment, Former recovery, Lapse -of time, Novation, Payment, Release, Recision, Set-off. vent estates; first, in consequence of the character of the creditor, as debts due to the United States are generally to be first paid; and secondly, in consequence of the nature of the debt, as funeral expenses and servants’ wages whichare generally paid in preference to other debts. See Preference, Privilege, Priority.