👉 In legal terms, "creditorship" refers to a situation where someone is owed money or property by another person. It is a common practice in many countries where individuals have debts with creditors, and it can be used as a defense against disputes over debt. In some jurisdictions, the term also includes situations where a creditor has taken possession of an asset that was previously owned by the debtor.
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What is the definition of Creditors? 🙋
👉 A creditor is a person or entity who owes money to another person. They are responsible for repaying the debt, and their role is often to help manage the payment process so that both parties can reach an agreement. This includes negotiations, payments, and any other steps necessary to settle the debt.
