debt

A cause of action for damages for breach of contract is a debt within the meaning of the Bankruptcy Act, and of laws relating to attachments, to receiverships, to stockholders' liability for corporate debts, to probate, to set-offs, to fraudulent conveyances, and to limitation of actions.

Any sum of money due under contract, express or implied. 20 Cal. 351. Blackstone restricts the term to money due on express contract (3 Bl. Comm. 154), but it has been thought that he used the word "express" not so much in contradistinction to implied contracts, as to liabilities arising outside of contract. 2 Mo. Apt). ^ 94. The word includes not only debts of record or judgments and debts by specialty, but all that is due to a man under any form of promise. 3 Mete. (Mass.) 526.

In a strict sense, it is confined to sums fixed by agreement, and not dependent on after calculation (1 Yeates [Pa.] 70), but in common use, the absolute fixing of the amount is not necessary (2 Wash. C. C. [U. S.I 386). "Debt" is a much narrower word than "demand." 2 Hill (N. Y.) 223. Many qualifying terms are used with the word "debt," most of which are self-explanatory. A few of the more obscure may be given: (1) Active debt is one due to a person. Used in the civil law. (2) Doubtful debt is one of which the payment is uncertain. Clef des Lois Romaines. (3) Hypothecary debt is one which is a lien upon an estate. (4) Judgment debt is one which is evidenced by matter of record. (5) Liquid debt is one which is immediately and unconditionally due.. (6) Passive debt is one which a person owes. (7) Privileged debt is one which is to be paid before ethers, in case a debtor is insolvent. (8) Debt of record is one proved to exist by the official records of a court of record, as a judgment or a recognizance. § 279. It lies wherever the sum due is certain or ascertained in such a manner as to be readily reduced to a certainty, without regard to the manner in which the obligation was incurred or is evidenced. 3 Sneed (Tenn.) 145; 1 Dutch. (N. J.) 606; 26 Miss. 521; 3 Mc Lean (U. S.) 150; 2 A. K. Marsh. (Ky.) 264; 1 Mason (U. S.) 243. It is thus distinguished from "assumpsit," which lies as well where the sum due is uncertain as where it is certain, and from "covenant," which lies only upon contracts evidenced in a certain manner. It is said to lie in the debet and detinet, when it is stated that the defendant owes and detains, or in the detinet, when it is stated merely that he detains. Debt in the detinet for goods differs from detinue, because it is not essential in this action, as in detinue, that the specific property in the goods, should have been vested in the plaintiff at the time the action is brought. Dyer, 24b. It is used for the recovery of a debt eo nomine and in numero, though damages, which are in most instances merely nominal, are usually awarded for the detention. 1 H. Bl. 550; Cowp. 588.

A sum of money due by certain and express agreement; as by band for a determinate sum, a bill or note, a special bargain or a rent reserved on a lease, where the amount Is fixed and specific, and does not depend upon any subsequent valuation to settle it. 3 Bl. Comm. 154; Camden v. Allen, 26 N. J. Law, 398; Appeal of City of Erie, 91 Pa. 398; Dickey v. Leonard, 77 Ga. 151; Hagar v. Reclamation Dist., Ill U. S. 701, 4 Sup. Ct 663, 28 L. Ed. 569; Appeal Tax Court v. Rice, 50 Md. 302. A debt is a sum of money due by contract. It is most frequently due by a certain and express agreement, which fixes the amount, independent of extrinsic circumstances. But it is not essential that the contract should be express, or that it should fix the precise amount to be paid. In S. v. Colt, 1 Peti C. C. 145, Fed. Cas. No. 14,839. Standing alone, the word "debt" is as applicable to a sum of money which has been promised at a future day, as to a sum of money now due and payable. To distinguish between the two, it may be said of the former that it is a debt owing, and of the latter that it is a debt due. Whether a claim or demand is a debt or not is in no respect determined by a reference to the time of payment. A sum of money which is certainly and in all events payable is a debt, without regard to the fact whether it be payable now or at a future time. A sum payable upon a contingency, however, is not a debt, or does not become a debt until the contingency has happened. People v. Arguello, 37 Cal. 624. The word "debt" is of large import, including not only debts of record, or judgments, and debts by specialty, but also obligations arising under simple contract, to a very wide extent; and in its popular sense includes ali that is due to a man under any form of obligation or promise. Gray v. Bennett, 3 Mete. (Mass.) 522, 526. "Debt" has been differently defined, owing to the different subject-matter of the statutes in which it has been used. Ordinarily, it imports a sum of money arising upon a contract, express or implied.

In its more general sense, it is defined to be that which is due from one person to another, whether money, goods, or services; that which one person is bound to pay or perform to another. Under the legal-tender statutes, it seems to import any obligation by contract, express or implied, which may be discharged by money through the voluntary action of the party bound. Wherever he may be at liberty to perform his obligation by the payment of a specific sum of money, the party owing the obligation is subject to what, in these statutes, is termed "debt." Kimpton v. Bronson, 45 Barb. (N. Y.) 618. The word is sometimes used to denote an aggregate of separate debts, or the total sum of the existing claims against a person or company. Thus we speak of the "national debt," the "bonded debt" of a corporation, etc. Synonyms. The term "demand" is of much broader Import than "debt," and embraces rights of action bslonging to the debtor beyond those which could appropriately be called "debts." In this respect the term "demand" is one of very extensive import In re Denny, 2 Hill (N. Y.) 223. The words "debt" and "liability" are not synonymous. As applied to the pecuniary relations of parties, liability is a term of broader significance than debt. The legal accoptation of debt is a sum of money due by certain and express agreement Liability is responsibility; the state of one who is bound in law and justice to do semething which may be enforced by action. This liability may arise from contracts either express or implied, or in censequence of torts committed. McElfresh v. Kirkendall, 36 Iowa, 226. "Debt" is not exactly synonymous with "duty." A debt is a legal liability to pay a specific sum of money; a duty is a legal obligation to perform some act. Alien v. Dick-sen, Minor (Ala.) 120.

In practice. The name of a common-law action, which lies to recover a certain specific sum of money, or a sum that can read-lly be reduced to a certainty. 3 Bl. Comm. 154; 3 Steph. Comm. 461; 1 Tidd. Pr. 3. It is said to lie in the debet and detinet, (when it is stated that the defendant owes and detains,) or in the detinet, (when it is stated merely that he detains.) Debt in the detinet for goods differs from detinue, because it is not essential in this action, as in detinue, that the specific property in the goods should have been vested in the plaintiff at the time the action is brought. Dyer, 24b.

— Debt by simple contract. A debt or demand founded upon a verbal or implied contract, or upon any written agreement that is not under seal.

— Debt by specialty. A debt due, or acknowledged to be due, by some deed or instrument under seal; as a deed of covenant or sale, a lease' reserving rent, or a bond or obligation. 2 Bl. Comm. 465; Kerr v. Ly-decker, 51 Ohio St. 240, 37 N. E. 267, 23 In R. A. 842; Marriott v. Thompson, Willes, 189.

— Debt ex mntuo. A species of debt or obligation mentioned by Glanville and Bracton, and which arose em m,utuo, out of a certain kind of loan. Gian. lib. 10, c. 3; Bract, fol. 99. See Mutuum; Ex Mutuo.

— Debt of record. A debt which appears to be due by the evidence of a court of reconi, as by a judgment or recognizance. 2 Bl. Comm. 465.

— Legal debts. Those that are recoverable in a court of common law, as debt on a bili of exchange, a bond, or a simple contract. Rogers v. Daniell, 8 Allen (Mass.) 348; Guild v. Walter, 182 Mass. 225, 65 N. E. 68.

— Mutual debts. Money due on bath sides between two persons.

— Passive debt. A debt upon which, by agreement between the debtor and creditor, no interest is payable, as distinguished from active debt; i. e., a debt upon which interest is payable. In this sense, the terms "active" and "passive" are applied to certain debts due from the Spanish government to Great Britain. Wharton. In another sense of the words, a debt is "active" or "passive" according as the person of the creditor or debtor is regarded ; a passive debt being that which a man owes; an active debt that which is owing to him. In this meaning every debt is both active and passive,
—active as regards the creditor, passive as regards the debtor.

— Public debt. That which is due or owing by the government of a state or nation. The terms "public debt" and "public securities," used in legislation, are terms generally applied to national or state obligations and dues, and would rarely, if ever, be construed to include town debts or obligations; nor would the term "public revenue" ordinarily be applied to funds arising from town taxes. Morgan v. Cree, 46 Vt. 773, 14 Am. Rep. 640.

— Pure debt. In Scotch law. A debt due now and unconditionally is so called. It is thus distinguished from a future debt,
—payable at a fixed day in the future,
—and a contingent debt, which will only become due upon the happening of a certain contingency.

— Simple contract debt. One where the contract upon which the obligation arises is neither ascertained by matter of record nor yet by deed or special instrument, but by mere oral evidence the most simple of any, or by notes unsenied, which are capable of a more easy proof, and therefore only better than a verbal promise. 2 Bl. Comm. 466.

A sum of money due by certain and express agreement; an action to recover a certain sum of money, or a sum that can readily be reduced to a certainty. Debt by specialty: a debt due, or acknowledged to be due, by an instrument under seal. Debt by simple contract: a debt or obligation arising upon a contract ascertained by oral evidence, or some written contract not under seal. Debt ex mutuo: a species of debt or obligation which arose ex mutuo, out of a certain kind of loan. Debt of record: a debt witnessed by a judgment or recognizance.

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

1. An old action having for its object the recovery of a specific sum of money; \. Debent. 2. Indebitatus assumpsit: V. Assumpsit. Debt of record: a judgment or recognizance debt. Debt by specialty: a debt acknowledged by writing under seal.

[Lat. debitum; L. Fr. det, dett, dette.] A sum of money due by certain and express agreement; as by bond for a determinate sum, a bill or note, a special bargain, or a rent reserved on a lease, where the amount is fixed and specific, and does not depend upon any subsequent valuation to settle it. 3 Bl. Com. 164. Debt is otherwise described by Sir William Blackstone as a species of contract, whereby a chose in action, or right to a certain sum of money is mutually acquired and lost. 2 Bl. Com. 464. See Smith's Merc. Law, 319. This, however, as Mr. Stephen observes, conveys no accurate idea of the meaning of the term; a debt not being a contract, but the result of a contract. 2 Steph. Com. 187, note. Id. 186. The word "debt" is of large import, including not only debts of record, or judgments, and debts by specialty, but also obligations arising under simple contract, to a very wide extent; and in its popular sense includes all that is due to a man under any form of obligation or promise. Hubbard, J. 3 Metcalf's R. 522, 526.

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.