DECANATUS
Categories: Contracts
Definition (1910 Edition)
debt which appears to be due by the evidence of a court of record, 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 bill of exchange, a bond, or a simple contract. Rogers v. niell, 8 Allen (Mass.) 848; Guild v. Walter, 182 Maas. 225, N. E. 68.—-Mutual debts. Money due on both 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; 4. €., a debt upon which interest is payable. In this sense, the terms “active” and “passive” are applied to certain debts due from thé 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, paris as regards the debtor. —Public debt. at which is due or owing by the government of a state or nation. The terms ‘ papas 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 revenne’’ ordinarily be applied to funds ‘arising from town taxes. Morgan v. Cree, 46
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
reference only and does not constitute legal advice.