54-1-1. 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.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 01 - Definitions And General Provisions
Section 54-1-1 - Definition of terms--Debtor--Creditor.
Section 54-1-2 - Loan of money defined.
Section 54-1-3 - Debtor's contract valid in the absence of fraud.
Section 54-1-4 - Preference of creditors by debtor.
Section 54-1-5 - Marshaling of funds--Rights of creditor.
Section 54-1-6 - "Open account" defined.
Section 54-1-7 - Open account--Interest rates.
Section 54-1-8 - Open account--Notice of interest rate increase.